The price of a barrel of Azeri Light crude oil has decreased by $6.35, or 6.55%, settling at $90.50 on the global market.
This information was provided to the Operative Information Center-OMM by sources within the oil market.
According to the latest trading results, the price of August futures for Brent crude oil stood at $88.23 per barrel. Similarly, the price of Azeri Light crude oil on a FOB basis at the Turkish port of Ceyhan fell by $6.33, or 6.69%, to $88.23 per barrel.
Despite these fluctuations, it is important to note that Azerbaijan's state budget for the current year was calculated based on an average oil price of $65 per barrel, providing a significant buffer against current market volatility.
Historically, the price of Azeri Light has seen significant variance, reaching a record low of $15.81 on April 21, 2020, and a record high of $149.66 in July 2008. This grade of oil is produced within the framework of the contract for the development of the Azeri-Chirag-Gunashli (ACG) field block, in which the State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake. The ACG field remains a cornerstone of the country's energy sector, playing a vital role in both national revenue and regional energy security.
