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The price of Azerbaijani oil fell below $117
The price of 1 barrel of Azerbaijani Azeri Light crude oil on the world market decreased by $5.54, or 4.53%, and amounted to $116.83.
As BAKU.WS reports, Report was informed by a source on the oil market.
The price of November futures for Brent crude oil was $118.41 per barrel.
The price of 1 barrel of Azeri Light on an FOB basis at the Turkish port of Ceyhan decreased by $6.21, or 5.34%, to $110.09.
In Azerbaijan's state budget for the current year, the average price of 1 barrel of oil is calculated based on $65.
The lowest price for Azeri Light was recorded on April 21, 2020 - $15.81, and the maximum - in July 2008 - $149.66.
In Azerbaijan, this grade of oil is produced under the contract for the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The share of the State Oil Company of Azerbaijan (SOCAR) in the contract is 35.3%.
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