The price of Azerbaijani oil has dropped below $100 per barrel

The price per barrel of Azerbaijani Azeri Light oil on the world market decreased by $1.5, or 1.49%, to $99.4.

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

At the close of trading, the price of January futures for Brent crude oil stood at $90.56 per barrel.

The price of Azeri Light on an FOB basis at the Turkish port of Ceyhan decreased by $1.05, or 1.09%, to $95.13 per barrel.

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

It should be noted that the minimum price of Azeri Light was recorded on April 21, 2020, at $15.81 per barrel, while the maximum was in July 2008, when it reached $149.66.

In Azerbaijan, oil of this grade is produced under the contract for the development of the Azeri-Chirag-Gunashli (ACG) block of fields. SOCAR's share in the contract is 35.3%.