Azerbaijani oil has dropped in price by almost $10

The price of one barrel of Azerbaijani Azeri Light crude oil on the world market decreased by $9.57 or 8.07% - to $108.99.

As reported by BAKU.WS, Report was informed by a source on the oil market.

At the close of trading, the price of July Brent crude oil futures was $104.19.

The price of Azerbaijani oil at Turkey's Ceyhan port under FOB terms decreased by $9.54 or 8.26% - to $105.91 per barrel.

In Azerbaijan's state budget for this year, the oil price is set at $65.

As a reminder, the minimum price for Azeri Light crude 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 for 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%.