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In the global market, the price of Azerbaijani oil, known as “Azeri Light,” has dropped by $3.01, or 3.69%, bringing it down to $78.55 per barrel, according to Azernews.
Recent auction results show that the price for Brent crude oil futures for November is $73.40 per barrel.
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The Azerbaijani government had estimated the average price of oil at $75 per barrel for this year.
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The lowest price ever recorded for “Azeri Light” oil was $15.81 on April 21, 2020, while the highest price reached $149.66 in July 2008. Oil production in Azerbaijan mainly comes from the “Azeri-Chirag-Guneshli” (ACG) block development contract, in which SOCAR (State Oil Company of Azerbaijan Republic) holds a 25% stake.
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