Azerbaijani oil prices edge lower

The price of a barrel of Azerbaijani Azeri Light crude on the global market has fallen by $0.46, or 0.67%, to $68.13.

A source in the oil market told Report that October futures for Brent crude closed at $67.35.

In the Turkish port of Ceyhan, the price of Azeri Light on an FOB basis decreased by $0.47, or 0.7%, settling at $66.61.

For reference, Azerbaijan’s state budget for this year is based on an oil price of $70 per barrel.

The lowest recorded price for Azeri Light was on April 21, 2020, at $15.81 per barrel, while the highest was in July 2008, reaching $149.66.

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