Price of Azerbaijani oil falls below $94
The price of one barrel of Azerbaijani Azeri Light crude on the world market fell by $1.53, or 1.6%, to $93.97.
A source in the oil market told Report about this.
At the close of trading, the price of September futures for Brent crude stood at $92.73.
The price of Azerbaijani oil in Turkey's Ceyhan under FOB terms fell by $1.69, or 1.82%, to $91 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%.
