Price of Azerbaijani oil falls below $72
The price of one barrel of Azerbaijani Azeri Light crude on the world market fell by $0.65 or 0.9% to $71.81.
A source in the oil market told Report this.
Following trading, the price of September futures for Brent crude stood at $68.17.
The price of Azerbaijani oil in Turkey's Ceyhan under FOB terms fell by $0.66 or 0.94% to $69.32 per barrel.
Azerbaijan's state budget for this year assumes an oil price of $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 State Oil Company's (SOCAR) share in the contract is 31.65%.
