The price of "Azeri Light" brand oil on the world market has seen a sharp increase. The value of one barrel of Azerbaijani crude rose by 6.85 USD, or 9.41%, to stand at 79.6 USD.
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 settled at 77.82 USD per barrel.
In the Turkish port of Ceyhan, the price of "Azeri Light" oil on an FOB basis increased by 6.69 USD (9.54%) to reach 76.79 USD 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 USD.
Historically, the lowest price for "Azeri Light" was recorded on April 21, 2020 (15.81 USD), while the maximum price was reached in July 2008 (149.66 USD). This type of oil is produced within the framework of the contract for the development of the "Azeri-Chirag-Gunashli" (ACG) block of fields in Azerbaijan. The State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 31.65% share in the project.
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. These price fluctuations are closely monitored as they significantly impact the national revenue and the execution of the state budget. Azerbaijan continues to play a pivotal role in regional energy security, supplying high-quality crude to European and global markets via the Baku-Tbilisi-Ceyhan (BTC) pipeline.
