Azeri Light Oil Price Drops
Date
8/15/2024 2:18:46 AM
(MENAFN- AzerNews)
Nazrin Abdul
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On the global market, the price of one barrel of Azerbaijani
oil, branded as "Azeri Light," has decreased by $0.38, or 0.4%, to
$84.11, Azernews reports.
According to the auction results, the price of October futures
for brent crude oil is $80.04 per barrel.
For reference, the average price per barrel of oil in
Azerbaijan's state budget for this year is calculated at $75. It is
worth noting that the lowest recorded price for "Azeri Light" oil
was $15.81 on April 21, 2020, while the highest was $149.66 in July
2008.
Oil in Azerbaijan is primarily extracted under the contract for
the development of the "Azeri-Chirag-Gunashli" (ACG) field block,
where the State Oil Company of Azerbaijan (SOCAR) holds a 25%
stake.
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