As of the close of trading, the price of May futures for Brent oil was $74.88.
In the Turkish port of Ceyhan, the price per barrel of Azerbaijani Azeri Light crude oil on a FOB basis fell by $1.03, or 1.4%, to $74.42.
In Azerbaijan's state budget for this year, the oil price is set at $70 per barrel.
The minimum price for Azeri Light oil was recorded on April 21, 2020, at $15.81, while the maximum price was in July 2008, at $149.66.
Oil in Azerbaijan is primarily extracted under the agreement for the development of the "Azeri-Chirag-Gunashli" (ACG) oil field block. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake in the contract.
AzVision.az
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