Azerbaijan’s oil price drops to $130.79 per barrel

The price of Azerbaijan’s Azeri Light crude oil declined on global markets, falling by $1.56, or 1.19%, to $130.79 per barrel, a market source told Caliber.Az.

At the same time, June futures for Brent crude settled at $128.46 per barrel.

In Türkiye’s Ceyhan port, the price of Azerbaijani oil under FOB terms (Brent CIF FOB) dropped by $1.47, or 1.18%, to $124.08 per barrel.

Despite the decline, prices remain significantly above the $65 per barrel level assumed in Azerbaijan’s state budget for the year.

Historically, Azeri Light reached its lowest level on April 21, 2020, at $15.81 per barrel, while its highest price was recorded in July 2008 at $149.66.

Azeri Light crude is produced within the framework of the Azeri-Chirag-Gunashli (ACG) field development agreement, in which the State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake.

By Tamilla Hasanova