Price of Azerbaijani oil falls to $68

The price of one barrel of Azerbaijan"s Azeri Light crude on the world market has decreased by $0.90, or 1.30%, to $68.12, a source in the oil market told Report.

According to the results of trading, the price of Brent crude November futures settled at $66.30 per barrel.

At Türkiye"s Ceyhan port, the FOB price of one barrel of Azerbaijani Azeri Light crude fell by $0.91, or 1.35%, to $66.64.

For reference, Azerbaijan"s state budget for this year is based on an average oil price of $70 per barrel.

The lowest recorded price of Azeri Light was $15.81 per barrel on April 21, 2020, while its highest was $149.66 per barrel in July 2008. In Azerbaijan, oil is mainly produced under the agreement on the development of the Azeri–Chirag–Gunashli (ACG) block of fields, in which the State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 31.65% stake.