Azeri Light oil price drops below $92 per barrel

The price of Azerbaijan's Azeri Light crude oil fell by $3.20, or 3.36%, to $91.93 per barrel on the world market, Report informs, citing a source in the oil market.

According to trading results, the price of Brent crude futures for October delivery stood at $89 per barrel.

At Türkiye's Ceyhan port, the FOB price of Azeri Light declined by $3.12, or 3.4%, to $88.50 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 was $149.66 per barrel, recorded in July 2008.

Azeri Light is produced under the contract for 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 contract.