Price of Azerbaijani oil falls to $122
The price of a barrel of Azerbaijani Azeri Light oil on the world market fell by $5.88, or 4.59%, to $122.15.
A source in the oil market told Report about this.
Following the trading session, the price of November futures for Brent crude was $126.46.
The price of Azerbaijani oil in Turkey's Ceyhan under FOB terms fell by $5.83, or 4.76%, to $116.62 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, Azeri Light oil is produced 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%.
