Azerbaijani Azeri Light crude trades at $122 per barrel

The price of Azeri Light crude oil from Azerbaijan declined slightly on the global market, falling by $0.06, or 0.05%, to $122.26 per barrel, according to a market source cited by Caliber.Az.

At the close of trading, June futures for Brent crude oil were priced at $122.86 per barrel.

At the Ceyhan oil terminal, the price of Azerbaijani oil under FOB terms also edged lower, decreasing by $0.04, or 0.04%, to $118.98 per barrel.

Azerbaijan’s state budget for the current year is based on an oil price benchmark of $65 per barrel, significantly below current market levels.

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

Oil production in Azerbaijan is primarily carried out under the development agreement for the Azeri–Chirag–Gunashli (ACG) oil field block. The State Oil Company of the Azerbaijan Republic (SOCAR) holds a 31.65% stake in the contract.

By Tamilla Hasanova