Azeri Light oil prices decline on global market

The price of one barrel of Azerbaijani "Azeri Light" oil on the global market dropped by $1.11, or 1.26%, to reach $87.17, Azernews reports.

At the close of trading, August futures for "Brent" crude oil were priced at $85.03 per barrel.

In Azerbaijan's current annual budget, the projected average price for a barrel of oil stands at $60.

It's worth noting that the lowest recorded price for "Azeri Light" oil was $15.81 on April 21, 2020, while its peak price reached $149.66 in July 2008. Azerbaijan primarily produces oil through the Azeri-Chirag-Gunashli (ACG) field block agreement, with the State Oil Company of Azerbaijan (SOCAR) holding a 25% stake in the project.