Azeri Light oil price falls to $116 per barrel

The price of Azerbaijan's Azeri Light crude oil on the global market fell by $2.78, or 2.33%, to $116.26 per barrel, a source in the oil market told Report. According to trading results, Brent crude oil futures for December stood at $116.59 per barrel.

On an FOB basis at Türkiye's Ceyhan port, a barrel of Azeri Light fell by $3.07, or 2.83%, to $105.42. 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 under an agreement on developing the Azeri-Chirag-Gunashli (ACG) field block, in which the State Oil Company of the Azerbaijan Republic (SOCAR) holds a 35.3% stake.