Azeri Light oil price falls 1.6% to $93.97 per barrel

The price of Azerbaijan's Azeri Light crude oil on the global market fell by $1.53, or 1.6%, to $93.97 per barrel.

A source in the oil market told Report that the decline was recorded following trading results.

Meanwhile, the price of Brent crude futures for September stood at $92.73 per barrel.

On the FOB basis at Türkiye's Ceyhan port, the price of Azeri Light crude fell by $1.69, or 1.82%, to $91 per barrel.

The average price of a barrel of oil in Azerbaijan's state budget for this year was set at $65.

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

Azeri Light is produced as part of the development of the Azeri-Chirag-Gunashli (ACG) field block. Azerbaijan's state oil company SOCAR holds a 35.3% stake in the production-sharing agreement.