The price of Azeri Light brand crude oil on the world market has experienced a rapid surge, reaching $105.58 per barrel. This represents a significant increase of 10.63%, or $10.15 per barrel, compared to previous trading sessions.
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 May futures for Brent crude oil stood at $100.66 per barrel. Simultaneously, on a FOB basis at the Ceyhan port in Türkiye, the price of one barrel of Azeri Light rose by 11.19% ($10.23) to reach $101.63. It is noteworthy that the average price of one barrel of oil in Azerbaijan's state budget for the current year is calculated at $65.
The current price spike provides a substantial fiscal cushion for the Republic of Azerbaijan, as the market value remains well above the conservative estimates used for budgetary planning. Historically, the lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), while the maximum price was reached in July 2008 ($149.66). In Azerbaijan, this brand 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 contract.
