Price of Azerbaijani oil falls below $100 per barrel
The price of a barrel of Azerbaijani Azeri Light oil on the world market fell by $1.5, or 1.49%, to $99.4.
As Report informs, citing a source on the oil market, at the close of trading the price of January futures for Brent crude oil amounted to $90.56 per barrel.
The price of Azeri Light on an FOB basis at the Turkish port of Ceyhan fell by $1.05, or 1.09%, to $95.13 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%.
