Azerbaijan Expects Oil Price at $70 for 2025 Budget

BP hopes to secure a more favorable profit-sharing model for its operations at the oil fields of Kirkuk from Baghdad, compared to the terms previously offered to foreign companies in Iraq, Reuters reports.

The average price of Azeri Light oil, based on CIF contracts (which include shipping and insurance costs for marine delivery), decreased by $0.55 (0.72%) compared to the previous week, reaching $75.58 per barrel. The highest price during this period was $76.42 per barrel, while the lowest was $75 per barrel.

The oil field we have been developing for 30 years has seen its estimated reserves increase from 500 million tons to 1.5 billion tons, according to the new assessments, the President of the Republic of Azerbaijan, Ilham Aliyev, said in an interview with the news agency "Russia Today."

In a country with sufficient reserves of traditional and green energy, there is no need to invest in costly nuclear power, Ilham Aliyev, President of the Republic of Azerbaijan, said in an interview with "Russia Today" when asked whether Azerbaijan needs a nuclear power plant.