The price of a barrel of Azeri Light crude oil on the global market has decreased by $3.62, or 3.47%, settling at $100.78.
This information was provided to the Operative Information Center-OMM by a source within the oil market.
According to the latest trading results, the price of Brent crude oil futures for August delivery stood at $98.79 per barrel.
At the Ceyhan terminal in Turkey, the price of a barrel of Azeri Light oil on an FOB basis dropped by $3.59, or 3.52%, to $98.39.
It is important to note that 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 fluctuations.
For historical context, 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 agreement on the development of the Azeri-Chirag-Gunashli (ACG) field block, in which the State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 31.65% stake.
