At the close of trading, May futures for Brent oil stood at $74.88, News.Az reports, citing local media.
In the Turkish port of Ceyhan, the price per barrel of Azeri Light crude oil on an FOB basis dropped by $1.03, or 1.4%, to $74.42.
Azerbaijan's state budget for this year has set the oil price at $70 per barrel.
The lowest price for Azeri Light oil was recorded on April 21, 2020, at $15.81, while the highest price was $149.66 in July 2008.
Azerbaijan primarily extracts oil under the "Azeri-Chirag-Gunashli" (ACG) oil field development agreement, with the State Oil Company of Azerbaijan (SOCAR) holding a 31.65% stake in the contract.
