The price of Azerbaijan's Azeri Light crude fell by $6.85, or 5.57%, to $116.05 per barrel on global markets, a source in the oil market told Report.
At the close of trading, May futures for Brent crude stood at $110.05 per barrel.
The price of Azeri Light at Türkiye's Ceyhan port on an FOB basis declined by $7.32, or 6.19%, to $110.97 per barrel.
Azerbaijan's state budget for this year is based on an oil price of $65 per barrel.
For reference, Azeri Light's lowest recorded price was $15.81 per barrel on April 21, 2020, while its highest was $149.66 in July 2008.
In Azerbaijan, oil production is mainly carried out under the agreement to develop the Azeri-Chirag-Gunashli (ACG) block of fields. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake in the contract.