Azerbaijani oil has dropped in price by more than $2

The price of one barrel of Azerbaijani Azeri Light crude oil on the world market decreased by $2.04 or 1.76% - to $113.48.

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 $109.59.

The price of Azerbaijani oil at Turkey's Ceyhan port under FOB terms decreased by $2.01 or 1.78% - to $110.98 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 oil was recorded on April 21, 2020 ($15.81), and the maximum - in July 2008 ($149.66).

In Azerbaijan, oil is produced mainly 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%.