The price of one barrel of Azerbaijan's Azeri Light crude oil on the world market has increased by $4.91, or 4.17%, to reach $122.7 per barrel.
Operative Information Center-OMM reports that the price of May futures for Brent crude oil stood at $117.44 per barrel.
On a FOB basis at the Turkish port of Ceyhan, the price of Azeri Light crude oil rose by $4.83, or 5.55%, settling at $118.78 per barrel. It should be noted that the average price of one barrel of oil in Azerbaijan's state budget for the current year was calculated at $65.
The surge in oil prices significantly impacts the revenue of the Republic of Azerbaijan, as the energy sector remains a cornerstone of the national economy. High global demand and geopolitical factors continue to drive volatility in international energy markets, providing a substantial surplus compared to the conservative estimates used for the country's fiscal planning.
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. In Azerbaijan, this grade of oil is produced within the framework of the agreement 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% stake in the contract.
