On Friday, August 8, the price of Brent crude fell below $66 per barrel for the first time since June 6, according to trading data. Futures prices fell to $65.8 per barrel.

It is worth noting that throughout the current week, “black gold” has ended with the largest decline since late June. The reason for this dynamic is investors’ concerns about the possible consequences of U.S. tariffs for the global economy, as well as the commissioning of OPEC+ spare capacities. This is because OPEC+ countries will end their voluntary production cuts of 2.2 million barrels per day a year earlier than planned (originally, the countries had agreed to gradually phase them out by the end of September 2026, instead of late 2024), according to Bloomberg.

Specifically, eight countries of the Organization of the Petroleum Exporting Countries Plus (OPEC+) — Russia, Saudi Arabia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — agreed at the August 3 meeting to increase oil production in September by 548,000 barrels per day, according to the organization’s statement.

Russia, excluding the compensation plan, will be able to increase production in September to 9.449 million barrels per day; Saudi Arabia — 9.978 million barrels; Iraq — 4.220 million barrels; UAE — 3.375 million barrels; Kuwait — 2.548 million barrels; Kazakhstan — 1.550 million barrels; Algeria — 959 thousand barrels; Oman — 801 thousand barrels.

The price of Azerbaijani Azeri LT crude oil CIF on the global market decreased by $1.76, or 2.54%, to $67.66 per barrel on August 8.

The price per barrel of Azerbaijani oil on Azeri LT CIF terms and Free on Board (FOB) at the Turkish port of Ceyhan decreased by $1.76, or 2.59%, to $66.12. The average oil price in Azerbaijan’s state budget for 2025 is set at $70 per barrel. The lowest price for Azeri Light was recorded on April 21, 2020, at $15.81, while the historical peak of $149.66 was recorded in July 2008.