The price of a barrel of "Azeri Light" crude oil on the global market has decreased by $2.56, or 2.55%, settling at $98.01.
This information was provided to the Operative Information Center-OMM by sources within the oil market.
According to the latest trading results, the price of July futures for Brent crude oil stood at $93.56 per barrel.
At the Ceyhan terminal in Turkey, the FOB price for a barrel of "Azeri Light" crude oil also saw a decline, falling by $2.49, or 2.53%, to $95.89.
For context, Azerbaijan's state budget for the current year was calculated based on an average oil price of $65 per barrel, providing a significant buffer against current market volatility.
Historically, the lowest price for "Azeri Light" was recorded on April 21, 2020, at $15.81, while the peak price reached $149.66 in July 2008. This grade of oil is produced within the framework of the contract for the development of the "Azeri-Chirag-Gunashli" (ACG) field block, in which the State Oil Company of Azerbaijan Republic (SOCAR) holds a 31.65% stake.
