Azeri Light oil price drops by over $12

The price of Azerbaijan’s Azeri Light crude oil has dropped sharply on the global market, falling by $12.69, or 12.32%, to $90.34 per barrel, according to a source in the oil market cited by Caliber.Az.

Meanwhile, at the close of trading, May futures for Brent crude were priced at $87.94 per barrel.

The price of Azerbaijani oil delivered through the Turkish port of Ceyhan under FOB terms declined by $12.77, or 12.88%, to $86.33 per barrel.

In Azerbaijan’s state budget for this year, the benchmark export price for oil has been set at $65 per barrel.

Historically, the lowest price recorded for Azeri Light crude was $15.81 per barrel on April 21, 2020, while the highest price reached $149.66 per barrel in July 2008.

Oil production in Azerbaijan is carried out mainly under the agreement for the development of the Azeri–Chirag–Gunashli block of offshore fields. The share of SOCAR in this contract is 31.65%.

By Tamilla Hasanova