Azerbaijani oil prices continue to fall

YEREVAN, AUGUST 1, ARMENPRESS. AT the auctions of international exchanges the price for Azerbaijani Azeri LT CIF oil, transported through Georgian Batumi, Supsa and Turkish Cehyan ports, decreased by 1.69% or 0.93$ forming 54.02$ for one barrel.

As ‘Armenpress” reports, citing Azerbaijani mass media, the press service of State Oil Company of Azerbaijan Republic (SOCAR) informed about this.

At the end of last week the price for one barrel of Azerbaijani oil was 57.71$, now it is 54.95$.

The minimum price (19.15$) for Azerbaijani Azeri LT CIF oil was recorded in 2001 and the maximum price (149.66) was recorded in 2008.

Gas, oil and oil products constitute 95% of Azerbaijani exports and 75% of the state budged is formed by the exports of oil products.

The price for one barrel oil is foreseen at 90$ in the 2015 state budget of Azerbaijan which is much lower at this moment.