Azerbaijani oil prices down on world market

The price of one barrel of Azerbaijan's "Azeri Light" oil on the world market decreased by $0.92, or 1.02%, to $89.43, Azernews reports.

According to the auction results, the price of Brent oil for September futures was $84.66.

In Azerbaijan's state budget for this year, the average price of oil per barrel is calculated at $75.

It should be noted that the lowest price of "Azeri Light" oil was recorded on April 21, 2020, at $15.81, while the maximum price was recorded in July 2008 at $149.66. In Azerbaijan, oil is mainly extracted under the contract for the development of the "Azeri-Chirag-Gunashli" (ACG) fields block. The State Oil Company of Azerbaijan (SOCAR) holds a 25% share in the contract.

Note that during trading operations at the ICE London Intercontinental Exchange, the price of a September 2024 export contract for Brent crude oil decreased by 0.34%, reaching $84.56 per barrel.

On the New York NYMEX commodity exchange, the price of WTI crude oil for September export this year decreased by 0.4%, reaching $80.52 per barrel.