The price of Azerbaijani oil dropped to $102

The price of Azerbaijani Azeri Light crude oil on the world market decreased by $4.18, or 3.92%, to $102.3 per barrel.

As reported by BAKU.WS with reference to Report, this was announced by a source on the oil market.

At the close of trading, July futures for Brent crude stood at $99.59 per barrel.

At the Turkish port of Ceyhan, the price per barrel of Azeri Light on FOB terms (BTC FOB) decreased by $4.15 or 3.98%, amounting to $100.07.

The state budget of Azerbaijan for the current year has the average oil price set at $65 per barrel.

It is noted that the minimum price for Azeri Light was recorded on April 21, 2020 ($15.81), and the maximum — in July 2008 ($149.66). This grade of oil is produced under the contract for the development of the Azeri–Chirag–Gunashli (ACG) block of fields, with the State Oil Company of Azerbaijan (SOCAR) holding a 31.65% share.