Price of Azerbaijani oil falls below $117
The price of one barrel of Azerbaijani Azeri Light oil on the world market declined by $5.54, or 4.53%, to $116.83.
A source on the oil market told Report about this.
The price of November futures for Brent oil stood at $118.41 per barrel.
The price of one barrel of Azeri Light on a FOB basis at the Turkish port of Ceyhan decreased by $6.21, or 5.34%, to $110.09.
In Azerbaijan's state budget for the current year, the average price of one barrel of oil is calculated based on $65.
The lowest price for Azeri Light was recorded on April 21, 2020 - $15.81, and the highest - in July 2008 - $149.66.
In Azerbaijan, oil of this brand is produced under the contract for the development of the "Azeri - Chirag - Gunashli" (ACG) block of fields. The share of the State Oil Company of Azerbaijan (SOCAR) in the contract is 35.3%.
