Price of Azerbaijani oil falls to $80
The price of one barrel of Azerbaijani oil of the Azeri Light grade on the world market decreased by $2.54 or 3.07% — to $80.06.
A source on the oil market told Report this.
Following the trading results, the price of August futures for Brent oil amounted to $77.5.
The price of Azerbaijani oil in the Turkish Ceyhan under FOB terms decreased by $2.5 or 3.11% — to $77.88 per barrel.
In Azerbaijan’s state budget for this year, the oil price is set at $65.
Recall that the minimum price for Azeri Light oil was recorded on April 21, 2020 ($15.81), and the maximum — in July 2008 ($149.66).
In Azerbaijan, oil is produced mainly under the agreement for the development of the Azeri-Chirag-Gunashli (ACG) field block. The share of the State Oil Company (SOCAR) in the contract is 31.65%.
