Azeri Light crude price falls to $91.31 per barrel

The price of Azerbaijan's Azeri Light crude oil fell by $1.24, or 1.34%, on the global market to $91.31 per barrel, according to a source in the oil market cited by Report.

Meanwhile, the price of Brent crude for October futures stood at $90.16 per barrel following trading.

At Türkiye's Ceyhan port, the FOB price of Azeri Light declined by $1.18, or 1.32%, to $88.20 per barrel.

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

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

Azeri Light is produced in Azerbaijan as part of the agreement on the development of the Azeri-Chirag-Gunashli (ACG) field block. The State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 35.3% stake in the agreement.