Azerbaijani oil decreased in price by 2%

The price of one barrel of Azerbaijani Azeri Light oil on the world market decreased by $1.28 or 2%, amounting to $62.45.

As BAKU.WS reports, Report was informed about this by a source in the oil market.

At the end of trading, the price of February futures for Brent crude oil was $60.20.

In the Turkish port of Ceyhan, the price per barrel of Azerbaijani Azeri Light oil on an FOB basis decreased by $1.27 or 2.06%, amounting to $60.40.

In Azerbaijan's state budget for this year, the average price of one barrel of oil is calculated at $70.

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

In Azerbaijan, oil is mainly produced 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 31.655%.