Azerbaijani oil prices decline

The price of one barrel of Azeri Light oil on the world market dropped by $1.65, or two per cent, to $81.77.

Meanwhile, September futures for Brent crude oil closed at $79.94, Caliber.Az reports, citing a source in the oil market.

Azerbaijan is a significant player in the global oil market, largely due to its substantial reserves and strategic location. The country’s oil industry has a rich history and plays a crucial role in its economy.

The country’s primary oil fields are located in the Caspian Sea region. Notable fields include the Azeri-Chirag-Gunashli (ACG) block, which is one of the largest oil fields in the world, and the Shah Deniz gas field, which also contributes to the region’s energy output.

Azerbaijan exports its oil primarily through pipelines. The Baku-Tbilisi-Ceyhan (BTC) pipeline is a major route, transporting oil from Azerbaijan through Georgia to Türkiye, and then to international markets. Additionally, the Baku-Novorossiysk pipeline transports oil to Russia’s Black Sea port.