OMM Newsroom
The price of a barrel of Azeri Light crude oil on the world market has increased by 6.57 USD, or 6.7%, reaching 104.58 USD.
This information was provided to the Operative Information Center-OMM by a source within the oil market.
According to the trading results, the price of August futures for Brent crude oil stood at 100.3 USD.
At the Ceyhan port in Turkey, the price of a barrel of Azeri Light crude oil on a FOB basis increased by 6.59 USD, or 6.87%, to 102.48 USD.
The state budget of Azerbaijan for the current year is calculated based on an average oil price of 65 USD per barrel. This conservative estimate serves as a fiscal buffer for the national economy, ensuring stability against global market volatility.
It is worth noting that the lowest price for Azeri Light oil was recorded on April 21, 2020 (15.81 USD), while the maximum price was recorded in July 2008 (149.66 USD). In Azerbaijan, this grade of oil is produced within the framework of the production sharing agreement for the Azeri-Chirag-Gunashli (ACG) field block. The State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 31.65% stake in the agreement.
