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 $0.75, or 0.74%, to $99.88.

As reported by BAKU.WS, Report was informed by a source on the oil market. At the close of trading, the price of January futures for Brent crude oil stood at $92.06 per barrel.

The price of Azeri Light on an FOB basis at the Turkish port of Ceyhan decreased by $0.74, or 0.76%, to $95.9 per barrel.

In Azerbaijan's state budget for the current year, the average price per barrel of oil is set at $65.

It should be noted that the minimum price for Azeri Light was recorded on April 21, 2020 — $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%.