The price of Azerbaijani oil has dropped to $122 per barrel

On the world market, the price per barrel of Azerbaijani Azeri Light crude oil decreased by $3.14, or 2.5%, to $122.28.

As reported by BAKU.WS with reference to Report, at the close of trading, the price of December futures for Brent crude oil stood at $114.82 per barrel.

The price of Azeri Light on an FOB basis at the Turkish port of Ceyhan decreased by $2.74, or 2.38%, to $112.38 per barrel.

The state budget of Azerbaijan for the current year is based on an average oil price of $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, this grade of oil 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%.