Azerbaijani oil falls by almost $4
The price of one barrel of Azerbaijani Azeri Light crude on the world market declined by $3.73, or 2.91%, to $124.14.
A source in the oil market told Report about this.
The price of December futures for Brent crude stood at $127.55 per barrel.
The price of one barrel of Azeri Light on an FOB basis at the Turkish port of Ceyhan fell by $3.72, or 3.2%, to $112.79.
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, while the highest was 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%.
