Price of Azerbaijani oil declines
The price of one barrel of Azerbaijan's Azeri Light oil on the world market fell by $0.97, or 0.79%, to $122.49.
A source in the oil market told Report about this.
The price of November futures for Brent crude was $124.02 per barrel.
The price of one barrel of Azeri Light on a FOB basis at the Turkish port of Ceyhan fell by $1.13, or 0.97%, to $115.68.
In Azerbaijan's state budget for the current year, the average price of one barrel of oil is calculated on the basis of $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, this brand of oil is produced under the contract for the development of the Azeri-Chirag-Gunashli (ACG) field block. The share of the State Oil Company of Azerbaijan (SOCAR) in the contract is 35.3%.
