The price of Azerbaijani oil has dropped to $106

On the world market, the price of Azerbaijani Azeri Light crude oil decreased by $3.57, or 3.24%, and amounted to $106.48 per barrel.

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

At the end of trading, July futures for Brent crude oil amounted to $103.78 per barrel.

At the Turkish port of Ceyhan, the price per barrel of Azeri Light on FOB terms decreased by $3.51, or 3.26%, and amounted to $104.22.

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

It is noted that the minimum price for Azeri Light was recorded on April 21, 2020 ($15.81), and the maximum — in July 2008 ($149.66). This grade of oil is produced under the contract for the development of the Azeri–Chirag–Gunashli (ACG) block of fields, with the share of the State Oil Company of Azerbaijan (SOCAR) amounting to 31.65%.