Price of Azerbaijani oil falls below $128 per barrel
The price of one barrel of Azerbaijani Azeri Light oil on the global market declined by $3.75, or 2.85%, to $127.87.
A source in the oil market told Report about this.
The price of December futures for Brent crude was $130.52 per barrel.
The price of one barrel of Azeri Light on a FOB basis at the Turkish port of Ceyhan fell by $4.19, or 3.47%, to $116.51.
In Azerbaijan's state budget for the current year, the average price of 1 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, 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%.
