Azeri Light fell to $69.48 with a budget forecast of $70

The price of one barrel of Azerbaijani Azeri Light crude oil on the world market decreased by 0.93 dollars or 1.3% - to 69.48 dollars.

Report was informed about this by a source in the oil market.

At the end of trading, the price of September futures for Brent crude oil was 69.56 dollars.

In the Turkish port of Ceyhan, the price per barrel of Azerbaijani Azeri Light crude oil on FOB basis decreased by 1.26 dollars or 1.3%, amounting to 68.23 dollars.

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

Recall that the minimum price for Azeri Light oil was recorded on April 21, 2020 (15.81 dollars), and the maximum - in July 2008 (149.66 dollars).

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