"Azeri Light" oil price drops

The price of one barrel of Azerbaijani oil branded "Azeri Light" has decreased by $1.36, or 1.58%, to $84.98 on the world market, Azernews reports.

According to the auction results, the price of September futures for Brent crude oil was $81.21.

In this year's state budget of Azerbaijan, the average price of one barrel of oil is calculated at $75.

It should be noted that the lowest price of "Azeri Light" oil was recorded on April 21, 2020 ($15.81), and the highest price was recorded in July 2008 ($149.66). In Azerbaijan, oil is mainly produced under the contract for the development of the "Azeri-Chirag-Gunashli" (ACG) block of fields. The State Oil Company of Azerbaijan (SOCAR) holds a 25% share in the contract.