Price of Azerbaijani oil falls to $113 per barrel
On the global market, the price of a barrel of Azerbaijan's Azeri Light oil fell by $3.05, or 2.62%, to $113.45.
As Report informs, citing a source in the oil market, at the close of trading the price of January futures for Brent crude amounted to $105.19 per barrel.
The price of Azeri Light on an FOB basis at the Turkish port of Ceyhan fell by $2.4, or 2.22%, to $105.65 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%.
