Azeri Light Drops to $80 per Barrel

The price of one barrel of Azerbaijani Azeri Light crude oil on the world market fell by $2.52, or 3.04 percent, to $80.43.

This was reported to FinFly by a source in the oil market.

At the close of trading, the price of August futures for Brent crude stood at $76.27.

Azerbaijan's state budget for this year assumes an oil price of $65 per barrel.

The lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), and the highest in July 2008 ($149.66).

In Azerbaijan, oil is mainly produced under the agreement for the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The share of the State Oil Company (SOCAR) in the contract is 31.65 percent.