Azeri Light oil price declines in global markets

The price of Azerbaijan's Azeri Light crude oil fell on the global market, decreasing by $1.12, or 0.93%, to $118.56 per barrel, a source in the oil market told Report.

According to trading results, the price of June futures for Brent crude stood at $114.99 per barrel.

At Türkiye's Ceyhan port, the FOB price of Azeri Light dropped by $1.01, or 0.87%, to $115.45 per barrel.

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

The lowest recorded price for Azeri Light was $15.81 on April 21, 2020, while its highest price reached $149.66 in July 2008. In Azerbaijan, this grade of oil is produced under the development agreement for the Azeri-Chirag-Gunashli (ACG) block of fields, in which the State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake.