Azeri Light oil price drops

On the global market, the price of one barrel of Azerbaijani oil, branded as "Azeri Light," has decreased by $0.38, or 0.4%, to $84.11, Azernews reports.

According to the auction results, the price of October futures for Brent crude oil is $80.04 per barrel.

For reference, the average price per barrel of oil in Azerbaijan's state budget for this year is calculated at $75. It is worth noting that the lowest recorded price for "Azeri Light" oil was $15.81 on April 21, 2020, while the highest was $149.66 in July 2008.

Oil in Azerbaijan is primarily extracted under the contract for the development of the "Azeri-Chirag-Gunashli" (ACG) field block, where the State Oil Company of Azerbaijan (SOCAR) holds a 25% stake.