The price of a barrel of Azerbaijan"s Azeri Light crude on the global market fell by $1.50, or 1.49%, to $99.40.
According to a source in the oil market, cited by Report, January Brent crude futures settled at $90.56 per barrel.
The price of Azeri Light crude on a FOB basis at the Turkish port of Ceyhan declined by $1.05, or 1.09%, to $95.13 per barrel.
Azerbaijan"s state budget for the current year is based on an average oil price of $65 per barrel.
The lowest price of Azeri Light was recorded on April 21, 2020, at $15.81 per barrel, while its highest price was reached in July 2008, when it climbed to $149.66.
In Azerbaijan, this grade of oil is produced under the contract for the development of the Azeri-Chirag-Gunashli (ACG) block of fields. SOCAR holds a 35.3% stake in the contract.