BAKU, Azerbaijan, May 24. The average price of a barrel of Azeri Light oil on the world market was $103.6 in 2022, Head of the Azerbaijani Parliamentary Committee on Economic Policy, Industry, and Entrepreneurship Tahir Mirkishili said at today's meeting of the committee, Trend reports.
According to Mirkishili, this is 44.7 percent more than the average price in 2021 and 21.8 percent more than the indicator taken as the basis for the revision of the Azerbaijani state budget for last year.
“Amid uncertainty prevailing in the global economy and commodity markets, oil and natural gas prices were higher than forecasted. The high energy prices were driven mainly by the armed conflict in Ukraine, the imposition of sanctions [against Russia], export and price restrictions due to the conflict, as well as the achievement of agreement between OPEC+ countries to reduce oil production," he added.