Azeri oil price falls to $91

The price of a barrel of Azeri Light oil on the world market decreased by $1.48 or 1.59% to $91.41, a source in the oil market told Report.

Yesterday on the market Brent oil cost $87.57 per barrel.

The state budget of Azerbaijan for this year includes the price of oil at the level of $50.

The minimum price for Azeri Light oil was recorded on April 21, 2020 ($15.81), and the maximum price was in July 2008 ($149.66).

In Azerbaijan, oil is produced mainly under the agreement on the development of the Azeri-Chirag-Guneshli (ACG) block of fields. The share of the State Oil Company (SOCAR) in the contract is 25%.