Azerbaijani oil price falls to $89

The price of a barrel of Azerbaijan's Azeri LT CIF oil in the world market has decreased by $2.31 or 2.5% to $89.10 per barrel, Report informs.

Yesterday, the Brent crude price was $91.41 a barrel.

The average oil price in the state budget of Azerbaijan for 2022 was set at $50 a barrel.

The lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), and the all-time high of $149.66 was fixed in July 2008.

Oil is mainly produced in Azerbaijan within the framework of the agreement on the development of the Azeri-Chirag-Guneshli (ACG) block, in which the State Oil Company (SOCAR) has a 25% share.