Azeri Light crude falls 5.22% to $91.68 per barrel

Azerbaijan's Azeri Light crude oil price dropped by $5.05, or 5.22%, to $91.68 per barrel on the global market, according to a source in the oil market cited by Report.

Following the latest trading session, the price of Brent crude September futures stood at $85.96 per barrel.

At Türkiye's Ceyhan port, the FOB price of Azeri Light declined by $4.66, or 4.98%, to $88.88 per barrel.

Azerbaijan's 2024 state budget is 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 registered in July 2008.

The crude is produced under the Azeri-Chirag-Gunashli (ACG) oilfields development agreement, in which the State Oil Company of the Azerbaijan Republic (SOCAR) holds a 35.3% stake.