Azeri Light Oil Price Falls
Date
7/23/2024 6:09:19 AM
(MENAFN- AzerNews)
Nazrin Abdul
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The price of one barrel of Azeri Light Azerbaijani crude oil
fell by $2.12, or 2.4%, in the global market, bringing the current
price to $86.34 per barrel. This decline reflects ongoing
fluctuations in the international oil market,
Azernews reports.
At the recent auctions, the price for September futures of Brent
crude oil was recorded at $82.41 per barrel. brent crude, a major
global benchmark, serves as a key reference for oil prices around
the world.
In Azerbaijan's state budget for this year, the average price of
one barrel of oil was projected at $75. This budgetary forecast
plays a crucial role in the country's economic planning and revenue
projections.
The price of Azeri Light has experienced significant volatility
over time. The lowest recorded price for this crude oil was $15.81
per barrel on April 21, 2020, amidst the global oil price crash
triggered by the COVID-19 pandemic. Conversely, the highest price
was $149.66 per barrel in July 2008 during a period of high global
oil demand and market speculation.
Azerbaijan's oil production primarily stems from the
Azeri-Chirag-Gunashli (ACG) field block, a major offshore oil
development project. The State Oil Company of Azerbaijan (SOCAR)
holds a 25% stake in this agreement, which is a significant
component of Azerbaijan's oil industry.
As global oil markets continue to evolve, fluctuations in oil
prices will remain a key factor in Azerbaijan's economic
strategy.
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