Azerbaijani oil price drops to $75

The price of Azerbaijani "Azeri Light" oil has fallen by $2.51, or 3.22%, reaching $75.43 per barrel on the world market, Azernews reports.

This decline comes as November futures for Brent crude also dropped, standing at $71.6 per barrel.

For Azerbaijan, this brings the oil price closer to the $75 per barrel average set in the country's 2024 state budget. Historically, "Azeri Light" hit its lowest point on April 21, 2020, at $15.81, and its highest in July 2008, at $149.66.

Most of Azerbaijan's oil is produced under the "Azeri-Chirag-Gunashli" (ACG) field block, where SOCAR holds a 25% share.