Azerbaijani oil slightly down in price

The price of a barrel of Azeri Light oil at the world market fell by $0.79, or 1 per cent, to $78.04.

The day before, July futures on Brent oil were traded at $74.17 per barrel, Report informs citing a source at the oil market.

In the 2023 state budget of Azerbaijan, the average price of one barrel of oil was calculated from $50.

It should be noted that the lowest price of "Azeri Light" oil was recorded on April 21, 2020 (US$15.81), and the maximum price was recorded in July 2008 (US$149.66).

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