Azerbaijani oil price falls

The price of a barrel of Azerbaijani Azeri Light crude oil on the global market fell by $6.35, or 6.55%, to $90.5, a market source told Report.

Following trading, the price of August futures for Brent crude stood at $88.23.

The price of Azerbaijani oil on an FOB basis at Türkiye's Ceyhan port decreased by $6.33, or 6.69%, to $88.23 per barrel.

Azerbaijan's state budget for this year is based on an oil price of $65 per barrel.

The lowest price for Azeri Light was recorded on April 21, 2020, at $15.81, while its highest price was registered in July 2008, at $149.66.

Oil in Azerbaijan is produced mainly under the agreement on the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake in the contract.