Azerbaijani oil has become cheaper

On the world market, the price of Azerbaijani Azeri Light crude oil decreased by $4.98, or 4.25%, and amounted to $112.32 per barrel.

As BAKU.WS reports, this was announced by Report citing a source on the oil market.

According to the trading results, July futures for Brent crude oil amounted to $109.83 per barrel.

At the Turkish port of Ceyhan, the price per barrel of Azeri Light on FOB terms decreased by $4.93, or 4.29%, and amounted to $109.97.

In the state budget of Azerbaijan for the current year, the average oil price is set at $65 per barrel.

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

In Azerbaijan, Azeri Light crude oil is produced under the agreement on the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The share of the State Oil Company (SOCAR) in the contract is 31.65%.