Azerbaijan’s Azeri Light crude rises above $109 per barrel

The price of Azerbaijan’s flagship crude grade Azeri Light rose by $3.52, or 3.33%, reaching $109.10 per barrel on global markets, according to a source in the oil market cited by Caliber.Az.

During the same trading session, May futures for Brent Crude settled at $103.47 per barrel.

At the Mediterranean export terminal in Ceyhan, the price of Azeri Light crude on an FOB basis increased by $3.61, or 3.55%, to $105.24 per barrel.

For comparison, the oil price assumption in Azerbaijan’s state budget for the current year is set at $65 per barrel.

Historically, the lowest recorded price for Azeri Light was $15.81 per barrel on April 21, 2020, while the highest price was $149.66 per barrel in July 2008.

Oil production in Azerbaijan is carried out primarily under the development agreement for the offshore Azeri-Chirag-Gunashli block of fields in the Caspian Sea. The SOCAR holds a 31.655% share in the contract.

By Tamilla Hasanova