The price of Azerbaijani "Azeri Light" oil on the world market fell by $0.73, or 0.9%, settling at $80.5 per barrel, according to sources in the oil market cited by Azernews.
Meanwhile, the price of March futures for "Brent" oil was recorded at $78.50 per barrel.
The state budget of Azerbaijan for this year calculates the average oil price at $70 per barrel. Notably, "Azeri Light" oil reached its lowest price of $15.81 on April 21, 2020, while its highest price, $149.66, was recorded in July 2008.
Oil production in Azerbaijan primarily occurs under the "Azeri-Chirag-Gunashli" (ACG) field block development contract, with the State Oil Company of Azerbaijan (SOCAR) holding a 25% stake in the project.
