Azerbaijani oil prices see decline

The price of one barrel of "Azeri Light" Azerbaijani oil on the world market decreased by $0.12, or 0.15%, to $79.40, Azernews reports.

According to auction results, the price of October futures for "Brent" crude oil was $77.32.

In Azerbaijan’s state budget for this year, the average price of one barrel of oil was estimated at $75.

It should be noted that the lowest price for "Azeri Light" oil was recorded on April 21, 2020, at $15.81, while the highest price was recorded in July 2008, at $149.66. In Azerbaijan, oil is primarily produced under the agreement to develop the "Azeri-Chirag-Gunashli" (ACG) field block. The State Oil Company of Azerbaijan (SOCAR) holds a 25% share in this agreement.