Azeri Light oil falls

The price of Azerbaijan's "Azeri Light" oil has dropped by $1.14, or 1.37%, to $82.62 per barrel on the global market, according to a source in the oil industry, Azernews reports.

Azerbaijan's 2024 state budget is based on an average oil price of $75 per barrel. Historically, the lowest recorded price for "Azeri Light" oil was $15.81 on April 21, 2020, while the highest was $149.66 in July 2008. The majority of Azerbaijan's oil is produced under the "Azeri-Chirag-Gunashli" (ACG) field development agreement, where the State Oil Company of Azerbaijan (SOCAR) holds a 25% stake.

Additionally, the latest auction results show that Brent crude oil futures for October are priced at $78.69 per barrel.