Azerbaijan’s Azeri Light jumps to $116 per barrel

The price of Azerbaijan’s Azeri Light crude oil on the global market rose by $2.93, or 2.58%, to $116.41 per barrel, a source in the oil market told Caliber.Az.

At the close of trading, the price of July futures for Brent crude stood at $112.2 per barrel.

The price of Azerbaijani oil in Türkiye’s Ceyhan port under FOB terms increased by $2.96, or 2.67%, reaching $113.94 per barrel.

In Azerbaijan’s state budget for this year, the benchmark oil price is set at $65 per barrel.

The minimum price for Azeri Light was recorded on April 21, 2020, at $15.81 per barrel, while the maximum was reached in July 2008, at $149.66 per barrel.

Azeri Light crude in Azerbaijan is produced under the agreement on the development of the Azeri–Chirag–Gunashli (ACG) block of oil fields. The State Oil Company (SOCAR) holds a 31.65% stake in the contract.

By Tamilla Hasanova