Azerbaijan’s Azeri Light crude falls below $65

The price of Azerbaijan’s Azeri Light crude fell by $2.24, or 3.34%, to $64.8 per barrel on global markets, a market source told Report.

January futures for Brent crude traded at $62.84 per barrel.

At Turkey’s Ceyhan port, the FOB price of Azeri Light dropped by $2.28, or 3.51%, to $62.68.

Azerbaijan’s state budget for this year is based on an average oil price of $70 per barrel.

Azeri Light hit its lowest level on 21 April 2020 at $15.81, and its record high in July 2008 at $149.66. The crude is produced under the Azeri-Chirag-Gunashli (ACG) contract, in which SOCAR holds a 31.65% stake.