The price of one barrel of Azeri Light brand crude oil on the world market has seen a sharp increase, reaching $95.43.
Sources in the oil market informed Operative Information Center-OMM that a price hike of 5.63% (equivalent to $5.09) was observed during the latest trading sessions.
According to the results of the auctions, the price of May futures for Brent crude oil stood at $91.46. Simultaneously, on a FOB basis at the Ceyhan port in Turkey, one barrel of Azerbaijani oil rose by 5.87% to be sold at $91.40. It should be noted that the average price of one barrel of oil in Azerbaijan's state budget for the current year is calculated at $65.
Looking at historical statistics, the lowest price for Azeri Light oil was recorded on April 21, 2020 ($15.81), while the maximum price was reached in July 2008 ($149.66). In Azerbaijan, this brand of oil is produced within the framework of the contract for the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 31.65% stake 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 a primary driver of the country's energy exports. The crude is primarily transported to international markets via the Baku-Tbilisi-Ceyhan (BTC) pipeline, which plays a critical role in ensuring European energy security. The current price surge provides a significant fiscal cushion for the Republic of Azerbaijan, as market rates continue to trend well above the conservative projections set in the national budget.
