Azeri Light oil price falls below $107 per barrel

The price of Azerbaijan's Azeri Light crude oil dropped by $3.57, or 3.24%, to $106.48 per barrel on the global market, Report informs, citing a source in the oil market.

According to trading results, the price of July futures for Brent crude stood at $103.78 per barrel.

At the Turkish Ceyhan port, the price of Azeri Light crude on an FOB basis decreased by $3.51, or 3.26%, to $104.22 per barrel.

The average oil price in Azerbaijan's state budget for this year has been set at $65 per barrel.

The lowest price for Azeri Light crude was recorded on April 21, 2020, at $15.81 per barrel, while its highest price was registered in July 2008 at $149.66 per barrel.

Azeri Light crude is produced under the agreement for the development of the Azeri-Chirag-Gunashli (ACG) oil field block. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake in the contract.