Azeri Light Oil Prices Decline On Global Market
Date
6/29/2024 10:51:49 PM
(MENAFN- AzerNews)
Nazrin Abdul
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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.
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