Azeri Light Crude Falls Below $92 Per Barrel Amid Global Price Drop

Azeri Light crude oil prices took a hit on global markets this week. The price dropped by 5.22% to $91.68 per barrel, according to an oil market source cited by Report.

The decline of $5.05 marks the lowest point for Azeri Light since April 21, 2020, when it reached a record low of $15.81 per barrel. However, this week's price still sits above the highest recorded price of $149.66 per barrel in July 2008.

The State Oil Company of Azerbaijan (SOCAR) produces Azeri Light under the Azeri-Chirag-Gunashli oilfields development agreement, holding a 35.3% stake in the operation.