The price of a barrel of Azerbaijan's Azeri Light crude oil increased by $6.43, or 5.55%, to reach $122.32 on the global market. Simultaneously, the price of Azeri Light on a FOB basis at the Turkish port of Ceyhan rose by $6.33, or 5.62%, settling at $119.02 per barrel.
According to sources in the oil market who spoke to the Operative Information Center-OMM, the price of June futures for Brent crude stood at $122.94. It is noteworthy that the average price of oil in Azerbaijan's state budget for the current year is calculated at $65 per barrel, indicating a significant surplus relative to the current market valuation.
Azeri Light is primarily produced from the Azeri-Chirag-Gunashli (ACG) field block, where the State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 31.65% stake. Historically, the grade reached its record high of $149.66 in July 2008, while its lowest point was recorded at $15.81 in April 2020. The energy sector remains a cornerstone of Azerbaijan's economy, with the ACG fields serving as the primary source of export revenues, transported mainly via the Baku-Tbilisi-Ceyhan (BTC) pipeline to international markets.
