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The price of Azerbaijani oil has dropped to $122.49 per barrel
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On the world market, the price per barrel of Azerbaijani Azeri Light crude oil dropped by $5.11, or 4%, to $122.49.
As reported by BAKU.WS with reference to Report, at the close of trading, the price of December Brent crude oil futures stood at $119.52 per barrel.
The price of Azeri Light on an FOB basis at the Turkish port of Ceyhan decreased by $4.28, or 3.68%, to $112.12 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%.
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