Azerbaijan's Oil Price Plummets Over 4%
The price of Azerbaijani Azeri Light oil on the world market has fallen significantly. According to a source on the oil market, one barrel of Azeri Light oil is now priced at $91.22, down by $4.36 or 4.56% from its previous value.
The price drop was also reflected in the Turkish Ceyhan, where Azerbaijani oil fell to $86.89 per barrel under FOB terms, a decrease of $4.59 or 5.01%. This decline comes as Brent crude oil futures for September closed at $85.74.
The current price of Azeri Light oil is still higher than the minimum recorded in April 2020 ($15.81) but lower than its maximum value in July 2008 ($149.66). The Azerbaijani state budget for this year is based on an oil price of $65, indicating a significant deviation from current market values.