The price of a barrel of Azeri Light crude oil on the global market has increased by $6.41, or 8.47%, reaching $82.07.
This information was provided to the Operative Information Center-OMM by sources within the oil market.
According to the latest trading results, the price of September futures for Brent crude oil stood at $78.36 per barrel. Meanwhile, at the Ceyhan port in Turkey, the price of Azeri Light oil on a FOB basis rose by $6.47, or 8.87%, to $79.41 per barrel.
The current rise in oil prices is significant for the national economy, as Azerbaijan's state budget for the current year was calculated based on an average oil price of $65 per barrel. Higher global prices generally contribute to increased export revenues and strengthen the country's fiscal position.
For historical context, the lowest price for Azeri Light oil was recorded on April 21, 2020, at $15.81, while the maximum price reached $149.66 in July 2008. This grade of oil is produced within the framework of the contract on the development of the Azeri-Chirag-Gunashli (ACG) field block, in which the State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 31.65% stake.
