Azerbaijani oil has become cheaper

The price of one barrel of Azerbaijani Azeri Light crude oil on the world market decreased by $1.62 or 2.13% - to $74.4.

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

At the end of trading, the price of September futures for Brent crude oil was $70.59.

In the Turkish port of Ceyhan, the price per barrel of Azerbaijani Azeri Light crude oil on FOB basis decreased by $1.65 or 2.2%, amounting to $73.18.

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

Recall that the minimum price for Azeri Light oil was recorded on April 21, 2020 ($15.81), and the maximum - 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 State Oil Company's (SOCAR) share in the contract is 31.65%.