The price of a barrel of Azeri Light crude oil on the world market has seen a sharp increase, reaching $86.16. This price hike represents a growth of $6.56, or 8.2%, compared to previous trading sessions.
Sources in the oil market informed the Operative Information Center-OMM about the latest figures. According to the results of the recent auctions, the price of May futures for Brent crude oil stood at $84.87 per barrel, placing the Azerbaijani brand at a premium compared to the global benchmark.
Furthermore, the selling price of Azeri Light at the Turkish port of Ceyhan (on an FOB basis) increased by $6.14 (or 8%), amounting to $82.93 per barrel. For comparison, the average price of one barrel of oil in Azerbaijan's state budget for the current year is calculated at $65, meaning current market rates are significantly bolstering the country's fiscal revenues.
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 within the framework of the contract 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% stake in that agreement.
The ACG field, located in the Caspian Sea, remains the primary source of Azerbaijan's oil exports and a cornerstone of the national economy. As a major energy supplier to European and global markets, Azerbaijan continues to play a strategic role in international energy security, utilizing the Baku-Tbilisi-Ceyhan (BTC) pipeline to transport its high-quality crude to global consumers.
