Azerbaijani oil has dropped in price by more than $7

The price of one barrel of Azerbaijani Azeri Light crude oil on the world market decreased by $7.27 or 5.78%, to $118.56.

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

At the close of trading, the price of June Brent crude oil futures stood at $124.72.

The price of Azerbaijani oil at Turkey's Ceyhan under FOB terms decreased by $6.98 or 5.76%, to $114.04.

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 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%.