Azerbaijani oil drops by more than $5
The price of one barrel of Azerbaijan's Azeri Light oil on the world market fell by $5.05, or 5.22%, to $91.68.
A source in the oil market told Report about this.
At the close of trading, the price of September futures for Brent crude was $85.96.
The price of Azerbaijani oil in Turkey's Ceyhan under FOB terms fell by $4.66, or 4.98%, to $88.88 per barrel.
Azerbaijan's state budget for this year is based on an oil price of $65.
It should be recalled 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 on the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The share of the State Oil Company (SOCAR) in the contract is 35.3%.
