Azeri Light crude price falls

BAKU, May 6 (Reuters) – The price of Azerbaijan’s Azeri Light crude fell by $1.12, or 0.93%, to $118.56 per barrel on global markets, a source in the oil market said.

Brent crude futures for June stood at $114.99 per barrel, according to trading results.

The price of Azeri Light on a FOB basis at Turkey’s Ceyhan port fell by $1.01, or 0.87%, to $115.45 per barrel.

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

Azeri Light is produced from the Azeri-Chirag-Gunashli oilfield block, where SOCAR holds a 31.65% stake.