The price of Azerbaijani oil fell by more than 1%

The price of one barrel of Azerbaijani Azeri Light crude oil on the world market decreased by $0.87 or 1.13% - to $64.36.

As BAKU.WS reports, this was communicated to Report by a source in the oil market.

At the end of trading, the price of February futures for Brent crude was $61.99.

The price of Azerbaijani oil at Turkish Ceyhan under FOB terms decreased by $0.98 or 1.5% - to $62.33 per barrel.

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

Recall that the minimum price for Azeri Light oil 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 State Oil Company's (SOCAR) share in the contract is 31.65%.