Date
8/29/2024 3:09:34 AM
(MENAFN- AzerNews)
Nazrin Abdul
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The price of Azerbaijan's "Azeri Light" oil has dropped by
$1.14, or 1.37%, to $82.62 per barrel on the global market,
according to a source in the oil industry,
Azernews reports.
Azerbaijan's 2024 state budget is based on an average oil price
of $75 per barrel. Historically, the lowest recorded price for
"Azeri Light" oil was $15.81 on April 21, 2020, while the highest
was $149.66 in July 2008. The majority of Azerbaijan's oil is
produced under the "Azeri-Chirag-Gunashli" (ACG) field development
agreement, where the State Oil Company of Azerbaijan (SOCAR) holds
a 25% stake.
Additionally, the latest auction results show that Brent crude
oil futures for October are priced at $78.69 per barrel.
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