The average price of the Azeri Light brand oil on the terms of CIF delivery in the first half of 2021 was $ 65.43 per barrel, the official representative of SOCAR Ibrahim Ahmedov.
He also noted that for the same period in 2020, the average price of Azerbaijani oil on CIF delivery terms was $ 42.75 per barrel. Thus, the cost of Azeri Light increased by $ 22.68 or 53.1% compared to the same period in 2020.
By the end of 2020, the average price of Azeri Light on the terms of CIF delivery amounted to $43.7 per barrel.
Delivery on CIF terms (Cost Insurance and Freight) means that the seller has loaded the goods onto a vehicle at the port of shipment, and the sales price includes the cost of the goods, freight (transportation costs to the port of destination), as well as the cost of insurance in transit.