Azerbaijani oil prices down on world market

The price of one barrel of Azerbaijani oil of the "Azeri Light" brand on the world market has decreased by $1.43, or 1.56%, to $90.29, Azernews reports.

According to the auction results, the price of August futures for Brent oil amounted to $85.50.

In Azerbaijan's state budget for this year, the average price of one barrel of oil is calculated at $75.

It should be noted that the lowest price of "Azeri Light" oil was recorded on April 21, 2020 ($15.81), and the maximum price was recorded in July 2008 ($149.66). In Azerbaijan, oil is mainly produced within the framework of the contract for the development of the "Azeri-Chirag-Guneshli" (ACG) fields block. The share of the State Oil Company of Azerbaijan (SOCAR) in the contract is 25%.