Price of Azerbaijani oil falls to $97

The price tag for one barrel of Azeri Light oil on the world market fell by $1.18 or 1.2 per cent to $97.29.

On the exchanges, Brent crude is trading at $92.87 per barrel, Report informs, citing a source in the oil market.

In the state budget of Azerbaijan for this year, the price of oil is set at $85.

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

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