Azeri Light Oil price drops slightly

The price of Azerbaijan's "Azeri Light" oil fell by 0.19 US dollars, or 0.25%, to 76.11 US dollars per barrel on the world market, Azernews reports.

In parallel, the price of Brent crude oil futures for November stood at 73.07 US dollars per barrel following the latest auctions.

For Azerbaijan's 2024 state budget, the average oil price has been estimated at 75 US dollars per barrel.

It's worth noting that the lowest recorded price for "Azeri Light" was 15.81 US dollars on April 21, 2020, while the highest was 149.66 US dollars in July 2008. Azerbaijan's oil production primarily stems from the Azeri-Chirag-Gunashli (ACG) field, where the State Oil Company of Azerbaijan (SOCAR) holds a 25% stake.