Azeri Light crude falls 5.04% to $96.73 per barrel

The price of Azerbaijan's Azeri Light crude oil fell by $5.14, or 5.04%, to $96.73 per barrel on the global market, according to a source in the oil market cited by Report.

Following the latest trading session, Brent crude futures for September were priced at $91.43 per barrel.

Meanwhile, the price of Azeri Light crude on an FOB basis at Türkiye's Ceyhan port declined by $4.71, or 4.79%, to $93.54 per barrel.

Azerbaijan's 2022 state budget was based on an average oil price of $65 per barrel.

Azeri Light reached its lowest recorded price of $15.81 per barrel on April 21, 2020, while its highest price of $149.66 per barrel was recorded in July 2008.

The crude is produced under the Azeri-Chirag-Gunashli (ACG) oilfields development agreement. Azerbaijan's State Oil Company (SOCAR) holds a 35.30% stake in the project.