Azeri Light oil price falls to $122.49 per barrel

The price of Azerbaijan's Azeri Light crude oil fell by $0.97, or 0.79%, to $122.49 per barrel on the world market, according to a source in the oil market who spoke to Report.

The price of Brent crude's November futures stood at $124.02 per barrel following trading.

At the FOB basis at Türkiye's Ceyhan port, the price of one barrel of Azeri Light declined by $1.13, or 0.97%, to $115.68.

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 of $149.66 was recorded in July 2008.

Azeri Light is produced in Azerbaijan under the contract for the development of the Azeri-Chirag-Gunashli (ACG) field block. The State Oil Company of the Azerbaijan Republic (SOCAR) holds a 35.3% stake in the contract.