Azeri Light oil price dips slightly in global markets

Sanan Akhamalizadeh
Author

The price of Azeri Light crude oil fell by $0.06, or 0.05%, to $122.26 per barrel on the global market, according to a source in the oil sector, Report informs.

Following trading results, the price of June futures for Brent crude oil stood at $122.86 per barrel.

Meanwhile, at Türkiye's Ceyhan Port, the FOB price of Azeri Light increased by $0.04, or 0.04%, reaching $118.98 per barrel.

Azerbaijan's state budget for this year is based on an average oil price of $65 per barrel.

The lowest recorded price for Azeri Light was $15.81 on April 21, 2020, while its highest price reached $149.66 in July 2008.

In Azerbaijan, this grade of oil is produced under the development agreement for the Azeri-Chirag-Gunashli oil field block. The State Oil Company of the Azerbaijan Republic (SOCAR) holds a 31.65% stake in the project.

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