Azerbaijani oil prices drop on global market

The price of Azerbaijani oil has dropped on the global market, Azernews reports.

The value of a barrel of "Azeri Light" crude fell by $0.41, or 0.49%, settling at $83.42. For context, the lowest recorded price for "Azeri Light" was $15.81 on April 21, 2020, while its peak price reached $149.66 in July 2008.

In Azerbaijan, oil is primarily produced under the agreement for the development of the Azeri-Chirag-Gunashli (ACG) field block. The State Oil Company of Azerbaijan (SOCAR) holds a 25% share in the agreement.

The recent decline in "Azeri Light" oil prices reflects ongoing fluctuations in the global energy market. Despite the current decrease, prices remain well above their historical lows, underscoring the volatility and dynamic nature of oil trading.