Azerbaijani Oil Prices Plummet, Dropping Below $117 per Barrel

Azerbaijan's oil prices have taken a hit on the global market. The price of Azeri Light crude, produced under the ACG block of fields contract between Azerbaijan and its partners, has dropped by $5.54 or 4.53% to $116.83 per barrel.

The latest price drop is reflected in November futures for Brent crude oil, which currently stands at $118.41 per barrel. Additionally, the FOB basis price of Azeri Light at the Turkish port of Ceyhan has decreased by $6.21 or 5.34% to $110.09.

As reported by BAKU.WS, the oil market prices have fluctuated significantly over the years, with the lowest recorded price being $15.81 in April 2020 and the highest at $149.66 in July 2008. The State Oil Company of Azerbaijan (SOCAR) holds a 35.3% share in the ACG contract.