The price of Azeri Light, Azerbaijan's flagship crude oil, has demonstrated a sharp increase on the global market, rising by 8.9% (or $9.63) to reach $117.79 per barrel.
According to sources in the oil market provided to the Operative Information Center-OMM, the latest auction results show that May futures for Brent crude stood at $112.53 per barrel. Simultaneously, on a Free on Board (FOB) basis at the Ceyhan port in Turkey, the price of Azeri Light increased by 9.25% (or $9.65) to settle at $113.95 per barrel. Notably, the average price of oil in Azerbaijan's state budget for the current year is calculated at $65 per barrel, indicating a significant surplus potential for the national economy.
Historically, the lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), while its all-time high was reached in July 2008 ($149.66). In Azerbaijan, this grade of oil is produced under the contract for the development of the Azeri-Chirag-Gunashli (ACG) field block, where the State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 31.65% stake. The ACG field remains the largest oil field in the Caspian basin and serves as the primary driver of Azerbaijan's energy exports, primarily reaching international markets via the Baku-Tbilisi-Ceyhan (BTC) pipeline.
