Azeri Light oil price falls by 1.82% to $130.81 per barrel

The price of Azerbaijan's Azeri Light crude oil on the world market has decreased by $2.42, or 1.82%, to $130.81 per barrel, a source in the oil market told Report.

According to trading results, Brent crude oil futures for December stood at $132.59 per barrel.

On an FOB basis at Türkiye's Ceyhan port, the price of Azeri Light crude fell by $2.33, or 1.9%, to $120.06 per barrel.

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

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

Azerbaijan produces Azeri Light crude 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.