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The price of Azerbaijani oil fell below $128 per barrel
The price of one barrel of Azerbaijani Azeri Light crude oil on the world market decreased by $3.75 or 2.85%, reaching $127.87.
As reported by BAKU.WS, Report was informed by a source on the oil market.
The price of December futures for Brent crude oil was $130.52 per barrel.
The price of one barrel of Azeri Light on an FOB basis at the Turkish port of Ceyhan fell by $4.19 or 3.47%, to $116.51.
In the state budget of Azerbaijan 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 highest — 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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