The price of one barrel of Azeri Light brand Azerbaijani oil on the world market has increased by $8.41, or 8.89%, reaching $103.03 per barrel. This sharp rise reflects the ongoing volatility and upward trend in global energy markets.
A source in the oil market informed Operative Information Center-OMM about the latest trading results. According to the auction data, the price of May futures for Brent crude oil stood at $102.84 per barrel. Meanwhile, the price of Azeri Light on a FOB basis at the Turkish port of Ceyhan increased by $8.6, or 9.5%, to settle at $99.10 per barrel.
In the current state budget of the Republic of Azerbaijan, the average price of one barrel of oil is calculated at $65. The current market price significantly exceeding this benchmark provides a substantial fiscal cushion for the country's economy. For historical context, the lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), while the all-time high was reached in July 2008 ($149.66).
Azeri Light is produced within the framework of the agreement for the development of the Azeri-Chirag-Gunashli (ACG) block of fields. 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, remains the primary source of Azerbaijan's oil exports, playing a critical role in the energy security of the region and European markets.
