The price of one barrel of Azerbaijan's "Azeri Light" crude oil on the world market decreased by $2.3, or 2%, to stand at $113.7 per barrel.
Operative Information Center-OMM reports that the price of May futures for Brent crude oil settled at $109.58 per barrel. Meanwhile, on a FOB basis at the Turkish port of Ceyhan, the price of "Azeri Light" dropped by $3.14, or 2.84%, reaching $107.24 per barrel.
In the state budget of Azerbaijan for the current year, the average price of one barrel of oil is calculated at $65. The current market rates remain significantly higher than the conservative estimates used for fiscal planning, providing a substantial buffer for the national economy.
Historically, the lowest price for "Azeri Light" was recorded on April 21, 2020 ($15.81), while its peak reached $149.66 in July 2008. In Azerbaijan, this grade of oil is produced within the framework of the agreement for the development of the Azeri-Chirag-Gunashli (ACG) field block. The State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 31.65% share in the project.
The ACG field, located in the Caspian Sea, is the largest oil field in the Azerbaijan sector of the Caspian basin. It plays a pivotal role in Europe's energy security, with the majority of its production exported via the Baku-Tbilisi-Ceyhan (BTC) pipeline. As a major global energy supplier, Azerbaijan continues to modernize its extraction infrastructure to maintain stable production levels in line with international market demands.
