Azerbaijani oil price falls below $100 per barrel

The price of a barrel of Azerbaijani crude oil of the Azeri Light on the global market has decreased by $1.3, or 1.28%, to $99.48.

A source in the oil market told Report that at the end of trading, August futures for Brent crude oil stood at $97.84 per barrel.

The price of Azerbaijani oil in Türkiye's Ceyhan terminal under FOB conditions also declined by $1.38, or 1.4%, to $97.01 per barrel.

The state budget of Azerbaijan for this year is based on an oil price of $65 per barrel.

The minimum price for Azeri Light was recorded on April 21, 2020 ($15.81), while the maximum was in July 2008 ($149.66).

Oil production in Azerbaijan is mainly carried out under the development agreement for the Azeri–Chirag–Gunashli (ACG) block. The State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 31.65% stake in the contract.