The State Oil Fund of Azerbaijan earned an extra $1,505 million in the first quarter of 2011 due to high oil prices, according to the executive director of SOFAR, Shakhmar Movsumov.
In the period January-March Azerbaijan produced 43 million barrels of profitable oil.The price of Azeri Light oil is $95 per barrel. Forecasts predicted the oil price to be $60 per barrel for 2011, which is why Azerbaijan earned an extra $35 per barrel, making a total of $1.5 billion.
SOFAR earns additional $1.5 billion
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