Azerbaijani oil price goes down

In the global market, the price of Azerbaijani oil branded "Azeri Light" has decreased by $1.69, or 2.16%, to $76.64 per barrel, Azernews reports.

The price of November futures for Brent crude oil is $71.06 per barrel.

The average price of a barrel of oil in Azerbaijan’s state budget for this year is estimated at $75.

It is worth noting that the lowest price for "Azeri Light" oil was recorded on April 21, 2020, at $15.81, while the highest price was $149.66 in July 2008. In Azerbaijan, oil is primarily produced under the contract for the development of the “Azeri-Chirag-Guneshli” (ACG) fields. The contract stipulates a 25% share for the State Oil Company of Azerbaijan (SOCAR).