Azerbaijani oil prices down on world market

The price of a barrel of Azerbaijani oil of the "Azeri Light" brand in the world market has decreased by $1.40, or 1.55%, to $88.89, Azernews reports.

According to auction results, the price of August futures for "Brent" oil amounted to $84.41.

In Azerbaijan's state budget for this year, the average price of a 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, at $15.81, and the highest price was recorded in July 2008 at $149.66. In Azerbaijan, oil is mainly produced within the framework of the contract for the development of the "Azeri-Chirag-Gunashli" (ACG) fields block. The State Oil Company of Azerbaijan (SOCAR) has a 25% share in the contract.