Price of Azerbaijani oil declines to $118
The price of 1 barrel of Azerbaijani Azeri Light oil on the world market declined by $4.27, or 3.48%, to $118.22.
A source on the oil market told Report about this.
The price of November futures for Brent crude was $119.09 per barrel.
The price of 1 barrel of Azeri Light on a FOB basis at the Turkish port of Ceyhan declined by $4.23, or 3.66%, to $111.45.
In Azerbaijan's state budget for the current year, the average price of 1 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 grade of oil 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%.
