Azerbaijani oil price falls nearly 7%

The price of Azerbaijan’s Azeri Light crude fell by $7.15, or 6.95%, to $95.58 per barrel on the global market.

September futures for Brent crude stood at $90.55 per barrel at the close of trading.

Azeri Light on an FOB basis at Türkiye’s Ceyhan port fell by $7.27, or 7.4%, to $91.48 per barrel.

Azerbaijan’s state budget for this year is based on an average oil price of $65 per barrel.

Azeri Light recorded its lowest price of $15.81 per barrel on April 21, 2020, while its highest price of $149.66 was registered in July 2008.

The crude is produced from the Azeri-Chirag-Gunashli oilfield block, in which Azerbaijan’s state oil company SOCAR holds a 31.65% stake.

N.Tebrizli