The price of one barrel of Azerbaijan's Azeri Light crude oil on the global market has increased by $2.04, or 1.79%, reaching $115.89 per barrel.
A source in the oil market informed the Operative Information Center-OMM about the latest price dynamics. According to the results of the auctions, the price of June futures for Brent crude oil stood at $116.42 per barrel. Meanwhile, the price of Azeri Light on a Free on Board (FOB) basis at the Turkish port of Ceyhan rose by $1.94, or 1.75%, to settle at $112.69 per barrel.
In the current state budget of Azerbaijan, the average price of one barrel of oil is calculated at $65. Historically, the lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), while the maximum price reached $149.66 in July 2008. Oil of this brand is produced within the framework of the agreement on the development of the Azeri-Chirag-Gunashli (ACG) field block. The State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 31.65% stake in the project. The energy sector remains a cornerstone of the economy in Azerbaijan, with the ACG fields playing a pivotal role in the country's export potential and regional energy security.
