The average price of Azerbaijani oil on the terms of CIF contracts (the price includes loading a tanker, delivering oil to its destination, insurance of the volume of oil transported and the carrier’s margin – CB) in January-September 2022 amounted to $ 107.22 per barrel, the State Oil Company of Azerbaijan (SOCAR) reported.
According to SOCAR, the current export price of a barrel of Azerbaijani oil is $38.95 or by 57.1% more than the same period of last year.
SOCAR reports that since the beginning of this year, the highest price for Azerbaijani oil – $135.99 per barrel – was recorded on March 8, the lowest – on January 4 – $82.49.
It should be noted that in the first quarter of 2022, the average price of Azerbaijani oil under CIF terms contracts was $102.68 per barrel, and in the first half of the year – $109.95 per barrel.
For 2022, the average oil price for calculating state budget revenues is set at $70 per barrel, for calculating GDP – $85 per barrel.
The average price of Azerbaijani oil in 2021 was $71.6 per barrel ($43.7 per barrel in 2020).
The lowest price for Azerbaijani oil – $15.81 per barrel – was recorded on April 21, 2020, the highest – in July 2008 – $149.66.
Caspian Barrel
