At the close of trading, the price of August futures for Brent crude oil stood at $75.39 per barrel.
The price of Azerbaijani oil at Turkey's Ceyhan port on FOB terms fell by $0.78, or 1%, to $77.35 per barrel.
Azerbaijan's state budget for this year has set the oil price at $65 per barrel.
Recall that the lowest price for Azeri Light crude was recorded on April 21, 2020 ($15.81 per barrel), and the highest in July 2008 ($149.66 per barrel).
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%.