Price of Azerbaijani oil falls by more than $3
The price of one barrel of Azerbaijani Azeri Light crude on the world market fell by $3.38 or 4.23% to $76.38.
Report was informed of this by a source on the oil market.
At the close of trading, the price of August futures for Brent crude stood at $72.11.
The price of Azerbaijani oil in Turkey's Ceyhan on FOB terms fell by $3.27 or 4.22% to $74.08 per barrel.
Azerbaijan's state budget for this year is based on an oil price of $65.
It should be recalled that the lowest price for Azeri Light crude was recorded on April 21, 2020 ($15.81), and the highest in July 2008 ($149.66).
In Azerbaijan, oil is produced mainly under the agreement for the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The State Oil Company (SOCAR) holds a 31.65% stake in the contract.
