The price of one barrel of Azerbaijan's "Azeri Light" crude oil increased by $0.38, or 0.34%, to reach $110.89 on the global market.
According to sources in the oil market who spoke to the Operative Information Center-OMM, the price of June futures for Brent crude stood at $107.69 per barrel. Simultaneously, the price of "Azeri Light" on a Free on Board (FOB) basis at the Turkish port of Ceyhan rose by $0.45, or 0.42%, settling at $107.84 per barrel.
Azerbaijan's state budget for the current year is based on an average oil price of $65 per barrel. The "Azeri Light" brand is primarily produced from the Azeri-Chirag-Gunashli (ACG) field block, where the State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 31.65% stake. Historically, "Azeri Light" hit its record low of $15.81 in April 2020 and reached a peak of $149.66 in July 2008. The energy sector remains a cornerstone of the economy in Azerbaijan, with the ACG fields serving as the primary source of oil exports via the Baku-Tbilisi-Ceyhan (BTC) pipeline, ensuring the country's role as a key energy supplier to European markets.
