The price of a barrel of Azerbaijan's "Azeri Light" crude oil on the world market increased by 1.82 USD, or 1.62%, to reach 114.14 USD.
According to sources in the oil market reporting to the Operative Information Center-OMM, Brent crude futures for July were recorded at 111.71 USD per barrel. Additionally, the price of Azeri Light on a Free on Board (FOB) basis at the Turkish port of Ceyhan rose by 1.85 USD, or 1.68%, to 111.82 USD per barrel.
In the current state budget of the Republic of Azerbaijan, the average price of one barrel of oil is calculated at 65 USD. Azeri Light oil is primarily produced within the framework of the agreement for the development of the Azeri-Chirag-Gunashli (ACG) field block, where the State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake.
Historically, the lowest price for Azeri Light was recorded on April 21, 2020 (15.81 USD), while its peak reached 149.66 USD in July 2008. The energy sector remains a cornerstone of Azerbaijan's economy, with the ACG fields serving as the main source of oil exports to global markets via the Baku-Tbilisi-Ceyhan (BTC) pipeline. Fluctuations in global oil prices significantly impact the country's revenue streams and economic planning, though the current market price remains well above the conservative estimates used for the national budget.
