Azeri Light oil price falls slightly on global markets

The price of Azeri Light crude oil on the global market decreased by $0.12, or 0.11%, to $113.85 per barrel, according to a source in the oil market, Report informs.

At the close of trading, June futures for Brent crude stood at $113.79 per barrel.

The price of Azerbaijani oil delivered to Ceyhan under FOB (BTC FOB) terms also declined by $0.03, or 0.02%, to $110.75 per barrel.

In the state budget of Azerbaijan for this year, the benchmark oil price is set at $65 per barrel.

The lowest recorded price for Azeri Light was on April 21, 2020, at $15.81, while its highest price was reached in July 2008 at $149.66 per barrel.

In Azerbaijan, Azeri Light is produced under an agreement for the development of the Azeri-Chirag-Gunashli oil field block. The share of the SOCAR (State Oil Company of Azerbaijan) in the contract is 31.65%.