Price of Azerbaijani oil drops to $70

The price of one barrel of Azerbaijan's Azeri Light crude oil on the global market has decreased by $1.84, or 2.58%, to $69.39.

A source in the oil market told Report that, as a result of trading, the price of Brent crude oil September futures was $69.79.

The price of one barrel of Azerbaijan's "Azeri Light" crude oil at Turkey's Ceyhan port on an FOB basis has decreased by $1.79, or 2.56%, to $68.09.

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

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

In Azerbaijan, oil is primarily extracted under the agreement for the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The State Oil Company of Azerbaijan Republic (SOCAR) holds a 31.65% stake in the contract.