The price of a barrel of Azerbaijani Azeri Light crude oil on the global market fell by $3.01, or 3.89%, to $74.36, a market source told Report.
Following trading, the price of August futures for Brent crude stood at $70.56.
The price of Azerbaijani oil on an FOB basis at Türkiye's Ceyhan port decreased by $3.02, or 4.03%, to $71.9 per barrel.
Azerbaijan's state budget for this year is based on an oil price of $65 per barrel.
The lowest price for Azeri Light was recorded on April 21, 2020, at $15.81, while its highest price was registered in July 2008, at $149.66.
Oil in Azerbaijan is produced mainly under the agreement on the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake in the contract.