The price of one barrel of Azerbaijan's "Azeri Light" crude oil on the world market has increased by $2.22, or 2%, reaching $113.11 per barrel.
According to sources in the oil market who spoke to Operative Information Center-OMM, the price of June futures for Brent crude stood at $112.31 per barrel. Meanwhile, on a Free on Board (FOB) basis at the Turkish port of Ceyhan, Azeri Light rose by $2.25, or 2.1%, to settle at $110.09 per barrel.
The current market price significantly exceeds the average oil price of $65 per barrel projected in the state budget of Azerbaijan for the current year. 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 all-time low was recorded at $15.81 in April 2020. The continued rise in oil prices provides a substantial boost to Azerbaijan's foreign exchange reserves and overall fiscal stability.
