Azerbaijani oil posts steep $5 decline on global markets

The price of a barrel of Azerbaijan's Azeri Light crude on the global market fell by $5.14, or 5.04%, to $96.73.

At the close of trading, September futures for Brent crude settled at $91.43 per barrel, Caliber.Az reports via local media.

The price of Azeri Light crude delivered to the Turkish port of Ceyhan on a free-on-board (FOB) basis also declined, falling by $4.71, or 4.79%, to $93.54 per barrel.

Azerbaijan's state budget for this year is based on an assumed oil price of $65 per barrel.

The lowest recorded price for Azeri Light was $15.81 per barrel on April 21, 2020, while its highest price of $149.66 per barrel was recorded in July 2008.

Oil in Azerbaijan is produced primarily under the agreement for the development of the Azeri-Chirag-Gunashli (ACG) field block. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake in the contract.

By Jeyhun Aghazada