Azerbaijani oil price down by nearly $1

The price of one barrel of Azerbaijani crude oil, Azeri Light, on the global market declined by $0.93 or 1.03%, reaching $69.48, a source in the oil market told Report.

As a result of trading, September futures for Brent crude stood at $69.56 per barrel.

In the Turkish port of Ceyhan, the price of Azeri Light oil on an FOB basis decreased by $1.26 or 1.3%, amounting to $68.23 per barrel.

The Azerbaijani state budget for this year is based on an oil price of $70 per barrel.

For reference, the minimum price for Azeri Light was recorded on April 21, 2020, at $15.81, while the maximum reached $149.66 in July 2008.

In Azerbaijan, oil is mainly extracted under the production-sharing agreement for 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.