Azerbaijani oil price decreases

In the global market, the price of a barrel of Azerbaijani oil branded "Azeri Light" has decreased by $3.01, or 3.69%, to $78.55, Azernews reports.

According to auction results, the price of Brent crude oil futures for November stands at $73.40.

The average price of a barrel of oil in Azerbaijan’s state budget for this year is calculated at $75.

It is worth noting that the lowest price of “Azeri Light” oil was recorded on April 21, 2020, at $15.81, while the highest price was in July 2008, at $149.66. In Azerbaijan, oil is mainly produced under the "Azeri-Chirag-Guneshli" (ACG) block development contract. SOCAR (State Oil Company of Azerbaijan Republic) holds a 25% share in the contract.