"Azeri Light" oil price keeps falling on World market

The price of 1 barrel of "Azeri Light" brand oil on the world market decreased by 0.25 US dollars, or 0.32%, reaching 78.3 US dollars, Azernews reports.

As per the results of the auctions, the price for November futures of "Brent" oil was recorded at 72.92 US dollars. In Azerbaijan's state budget for this year, the average price of one barrel of oil was calculated at 75 US dollars.

It is noteworthy that the lowest price for "Azeri Light" oil was recorded on April 21, 2020, at 15.81 US dollars per barrel, while the maximum price reached 149.66 US dollars per barrel in July 2008. In Azerbaijan, oil is primarily produced within the framework of the Azeri-Chirag-Gunashli (ACG) field block development agreement, in which the State Oil Company of Azerbaijan (SOCAR) holds a 25% share.