Price of Azerbaijani oil drops to $71

The price of one barrel of Azerbaijani oil of the Azeri Light grade has decreased by $0.95, or 1.32%, to $71.23 on the global market.

A source in the oil market told Report that, as a result of trading, the price of Brent crude oil September futures was $70.53.

The price of Azerbaijani oil in Türkiye's Ceyhan port under FOB terms dropped by $0.99, or 1.4%, to $69.88 per barrel.

In Azerbaijan’s state budget for this year, the oil price is set at $70.

The minimum price for Azeri Light oil was recorded on April 21, 2020, at $15.81, and the maximum was in July 2008, at $149.66.

In Azerbaijan, oil is primarily extracted under the agreement for the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The State Oil Company of Azerbaijan Republic (SOCAR) holds a 31.65% stake in the contract.