Price of Azerbaijani oil falls to $122 per barrel
On the global market, the price of a barrel of Azerbaijan's Azeri Light oil fell by $3.14, or 2.5%, to $122.28.
As Report informs citing a source in the oil market, at the close of trading the price of December futures for Brent crude amounted to $114.82 per barrel.
The price of Azeri Light on a FOB basis at the Turkish port of Ceyhan fell by $2.74, or 2.38%, to $112.38 per barrel.
Azerbaijan's state budget for the current year is based on an average oil price of $65 per barrel.
It should be noted that the minimum price of Azeri Light was recorded on April 21, 2020 — $15.81 per barrel, and the maximum in July 2008, when it reached $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. SOCAR's share in the contract is 35.3%.
