The price of Azeri Light (CIF) brand crude oil has experienced a decline on the global energy markets.
The Operative Information Center-OMM reports that the price for one barrel of Azerbaijani oil decreased by $1.44, or 2.1%, to settle at $68.92.
It should be noted that the previous trading price for Azerbaijani oil stood at $70.36 per barrel. Despite the recent volatility in global energy prices, the current market value remains above the fiscal benchmarks set by the government. In the state budget of the Republic of Azerbaijan for the current year, the average price of one barrel of Azeri Light oil is calculated at $65.
Azeri Light is a high-quality crude oil produced primarily from the Azeri-Chirag-Gunashli (ACG) field block in the Caspian Sea. As a key export commodity for Azerbaijan, its price fluctuations significantly impact the country's foreign exchange earnings and state revenues. The oil is typically transported via the Baku-Tbilisi-Ceyhan (BTC) pipeline to the Mediterranean port of Ceyhan, where it is sold to international refineries.
