The price of Azerbaijan's flagship crude oil, Azeri Light (CIF), has seen a decrease on global markets.
According to Operative Information Center-OMM, the price for one barrel of Azerbaijani oil fell by $20.24, or 14.4%, to settle at $120.44. This follows a previous trading session where the price stood at $140.68 per barrel.
Despite the recent decline, current market prices remain substantially higher than the figures used for fiscal planning in Azerbaijan. In the state budget of the Republic of Azerbaijan for the current year, the average price of one barrel of Azeri Light crude oil is calculated at a conservative $65.
Azeri Light is a high-quality, low-sulfur crude oil produced primarily from the Azeri-Chirag-Gunashli (ACG) field complex in the Caspian Sea. As a major energy exporter, Azerbaijan's economy is closely linked to global oil price fluctuations, with energy revenues playing a critical role in the country's infrastructure development and social programs. The state budget's conservative price estimation serves as a fiscal buffer against market volatility.
