The price of Azerbaijani oil has fallen to $100 per barrel
The price of a barrel of Azerbaijani Azeri Light oil on the global market has fallen by $6.56, or 6.1%, to $100.9.
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 $91.76 per barrel.
The price of Azeri Light on a FOB basis at the Turkish port of Ceyhan fell by $6.22, or 6.07%, to $96.18 per barrel.
Azerbaijan's state budget for the current year is based on an average oil price of $65 per barrel.
Note 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%.
