Azerbaijani oil price falls

The price of a barrel of Azeri Light crude oil decreased by $1.82, or 2.13%, settling at $83.72, Azernews reports.

Azeri Light crude oil hit its lowest price on April 21, 2020, at $15.81 per barrel, and reached its highest price in July 2008, at $149.66 per barrel.

For reference, the average price per barrel of oil in Azerbaijan's state budget for this year is calculated at $75. It is worth noting that the lowest recorded price for "Azeri Light" oil was $15.81 on April 21, 2020, while the highest was $149.66 in July 2008.

Oil in Azerbaijan is primarily extracted under the contract for the development of the "Azeri-Chirag-Gunashli" (ACG) field block, where the State Oil Company of Azerbaijan (SOCAR) holds a 25% stake.