The price of a barrel of Azeri Light brand Azerbaijan oil in the world market has increased by $5.61, or 6.82%, to reach $87.90.
A source in the oil market informed 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 $87.71 per barrel, placing the Azerbaijani brand at a premium over the global benchmark.
On a Free on Board (FOB) basis at the Turkish port of Ceyhan, the price of Azeri Light also saw a significant jump, increasing by $5.34 (6.82%) to settle at $83.69 per barrel. For comparison, the average price of oil in Azerbaijan's state budget for the current year is calculated at $65 per barrel, meaning current market rates are significantly exceeding fiscal projections.
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% share in the project. The ACG field, located in the Caspian Sea, remains the largest oil field in the Azerbaijan sector of the Caspian basin and serves as the primary source of the country's oil exports to international markets.
Historically, the lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), while the maximum price reached $149.66 in July 2008. As a major energy exporter, Azerbaijan's economy is closely linked to global energy trends, and the current price surge provides a favorable outlook for the country's foreign exchange reserves and infrastructure development projects in the liberated territories.
