Azeri oil surged 29 pct in 2010: SOCAR
BAKU – The price of Azerbaijani oil in world markets increased 28.5 percent in 2010 in comparison with the previous year to $81.4 per barrel, according to Azerbaijan’s state oil company SOCAR.
The Azeri Light crude sold for an average of around $63.3 in 2009 and $99.8 in 2008.
The lowest price of oil last year was reported in May - $69, while the highest one in December – $96.5.
The lowest average monthly price of oil was reported in February at about $74.6, while the highest price – in December at $93.7, according to official estimates.
Azerbaijan produced 51.5 million tons of oil in 2010. 43m tons of the volume was extracted by the Azerbaijan International Operating Company (AIOC), a BP-operated consortium developing the Azeri-Chirag-Gunashli fields in the Caspian Sea, while the remaining 8.5m tons – by SOCAR.
Around 80 percent of oil produced by AIOC is delivered to Azerbaijan, and revenues from crude exports are transferred to the State Oil Fund.
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