The price of one barrel of Azerbaijan's Azeri Light crude oil on the world market has seen a sharp increase, rising by $6.72 (or 7.6%) to reach $94.62 per barrel.
A reliable source in the oil market provided this information to the Operative Information Center-OMM. According to the latest auction results, the price of May futures for Brent crude oil stood at $94.20 per barrel. Meanwhile, at the Turkish port of Ceyhan (FOB basis), the price of Azeri Light increased by $6.81 (or 8.1%) to settle at $90.5 per barrel.
For comparison, the average price of one barrel of oil in the state budget of the Republic of Azerbaijan for the current year is calculated at $65. Historically, the lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), while its maximum price reached $149.66 in July 2008. This type of oil is produced within the framework of the agreement 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 energy sector remains the backbone of Azerbaijan's economy, with the ACG field block serving as the primary source of the country's oil exports. As a key global energy supplier, Azerbaijan utilizes the Baku-Tbilisi-Ceyhan (BTC) pipeline to transport its high-quality crude to international markets. The current price surge provides a significant fiscal cushion for the country, as the market rates continue to trend well above the conservative benchmarks set in the national budget.
