Azeri Light oil price falls to $106

The price of Azerbaijan's Azeri Light crude oil on the global market decreased by $6.64, or 5.85%, to $106.81 per barrel, a source in the oil market told Report.

According to trading results, Brent crude oil futures for January stood at $96.16 per barrel.

On an FOB basis at Türkiye's Ceyhan port, the price of a barrel of Azeri Light crude fell by $5.75, or 5.44%, to $99.9.

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