What was Azerbaijani oil export price in 2014?

During 2014 Azerbaijan exported 33,040,963 tons of oil, down 3.6% against 2013.

According to the State Customs Committee, according to the meters, in 2014 26,871,531 tons of oil was exported via the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, 4,232,675 tons via the Baku-Supsa oil pipeline, 1,018,248 tons via the Baku-Novorossiysk oil pipeline and 918,508 tons of oil by railway to the Georgian ports.

According to the Committee, the volume of declared exported oil during that year totaled 23,611,888 tons to the amount of $18,404,936,062. This means that last year Azerbaijan exported 1 ton of oil at the price of $779.48 or  $105.33 per barrel.

However, in reality Azerbaijan hardly exported 1 barrel of its oil at an average price of $105.33.

The analysts of the Centre for Oil Studies of Azerbaijan explained that according to the information released by the London Exchange, average annual price of Brent oil was $99.29 per barrel. Usually Azerbaijani oil is sold at a slightly higher price, than Brent. The thing is that the current price is based on 71.4% volume of the declared oil. The customs agencies have not registered yet 26.8% of exported volume of oil (usually it takes about two months to transfer money to the companies’ accounts, to sell oil in ports and to receive bank confirmation).

The Centre also reminded that in 2013 average export price of Azerbaijani oil was $110.06 per barrel.—0-