Azeri Light Oil Price Drops
Date
7/24/2024 3:09:23 AM
(MENAFN- AzerNews)
Nazrin Abdul
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The price of one barrel of Azerbaijani oil branded "Azeri Light"
has decreased by $1.36, or 1.58%, to $84.98 on the world market,
Azernews reports.
According to the auction results, the price of September futures
for brent crude oil was $81.21.
In this year's state budget of Azerbaijan, 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 highest price was
recorded in July 2008 ($149.66). In Azerbaijan, oil is mainly
produced under the contract for the development of the
"Azeri-Chirag-Gunashli" (ACG) block of fields. The State Oil
Company of Azerbaijan (SOCAR) holds a 25% share in the
contract.
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