Azerbaijani oil continues to decline in price

The price of a barrel of Azerbaijani Azeri Light crude on the global market has dropped by $0.73, or 1.08%, to $66.72.

A source in the oil market told Report that, by the end of trading, the price of October futures for Brent crude was $66.91.

In Türkiye’s Ceyhan port, the price of Azerbaijani oil under FOB terms decreased by $0.71, or 1.08%, to $65.18 per barrel.

In Azerbaijan’s state budget for this year, the oil price is set at $70.

For reference, the lowest price for Azeri Light was recorded on April 21, 2020, at $15.81, and the highest in July 2008, at $149.66.

In Azerbaijan, oil is mainly extracted under the agreement on the development of the Azeri–Chirag–Gunashli (ACG) field block. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% share in the contract.