Azerbaijani oil price drops by more than $2

The price of one barrel of Azerbaijani Azeri Light oil on the world market decreased by $2.13, or 2.4 per cent, to $85.29.

Brent crude is currently selling at $ 81.12 a barrel on the stock exchanges, an oil market source told Report.

The price of oil is set at $50 in Azerbaijan's state budget for this year.

The minimum price for Azeri Light oil was fixed on April 21, 2020 ($15.81), and the maximum - in July 2008 ($149.66).

In Azerbaijan, oil is extracted mainly within the framework of the agreement on the development of the Azeri-Chirag-Guneshli (ACG) block of fields. The share of the State Oil Company (SOCAR) in the contract is 25 per cent.