The price of a barrel of Azeri Light crude oil on the world market has decreased by $2.17, or 3 percent, to stand at $70.03.
This information was provided to the Operative Information Center-OMM by sources within the oil market. According to the results of the latest auctions, the price of April futures for Brent crude oil settled at $70.88 per barrel.
At Türkiye's Ceyhan port (FOB basis), the selling price of Azeri Light oil also saw a decline, dropping by $2.23 (3.19 percent) to reach $67.55 per barrel. For comparison, the average price of oil in Azerbaijan's state budget for the current year is projected at $65 per barrel, meaning current prices remain slightly above the fiscal forecast.
Historically, the lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), while its maximum price reached $149.66 in July 2008. In Azerbaijan, this grade of oil is produced primarily within the framework of the Azeri-Chirag-Gunashli (ACG) field block development. The State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 31.65 percent stake in that production contract.
The energy sector remains the backbone of Azerbaijan's economy, with the ACG fields serving as the primary source of the country's oil exports. These fields, located in the Caspian Sea, are operated by an international consortium, playing a critical role in ensuring European energy security through the Baku-Tbilisi-Ceyhan (BTC) pipeline. Fluctuations in global crude prices are closely monitored in Baku as they directly impact the nation's strategic currency reserves and infrastructure development projects.
