The price of Azerbaijan’s Azeri Light crude oil on the global market fell by $2.42, or 1.82%, to $130.81 per barrel.

Meanwhile, December futures for Brent crude were trading at $132.59 per barrel, according to Report.

The price of Azeri Light on a Free on Board (FOB) basis at Türkiye’s Ceyhan port also declined. It dropped by $2.33, or 1.9%, to $120.06 per barrel.

Azerbaijan’s state budget for the current year is based on an average oil price of $65 per barrel.

Historically, Azeri Light reached its lowest recorded price of $15.81 per barrel on April 21, 2020. Its highest price was recorded in July 2008, when it reached $149.66 per barrel.