Price of Azerbaijani oil falls to $75

The price of one barrel of Azerbaijani oil, Azeri Light, on the global market decreased by $0.23, or 0.31%, to $75, according to Report, which cites a source in the oil market.

As of the close of trading, the price of May futures for Brent oil was $73.62.

In the Turkish port of Ceyhan, the price per barrel of Azerbaijani Azeri Light crude oil on a FOB basis fell by $0.4, or 0.54%, to $73.39.

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

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

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