Price of "Azeri Light" oil drops slightly on World Market

The price of one barrel of "Azeri Light" oil, Azerbaijan's key export product, has decreased by $0.13 or 0.16% on the world market, settling at $81.56, Azernews reports.

Meanwhile, the price of November futures for "Brent" crude oil was recorded at $77.23 per barrel, according to recent auction results. In Azerbaijan's 2024 state budget, the average price for one barrel of oil was calculated at $75, indicating that current prices remain above budget expectations.

Historically, the lowest price for "Azeri Light" oil was recorded at $15.81 per barrel on April 21, 2020, during the peak of global market disruptions caused by the COVID-19 pandemic. The highest price was $149.66 per barrel in July 2008.

Oil production in Azerbaijan is primarily conducted within the framework of the agreement on the development of the Azeri-Chirag-Gunashli (ACG) field block. The State Oil Company of Azerbaijan (SOCAR) holds a 25% stake in this agreement, highlighting its significant role in the country's oil sector.