Azeri Light crude rises as global oil prices edge higher

The price of Azerbaijan’s benchmark Azeri Light crude increased on global markets, tracking broader gains in oil benchmarks.

According to an oil market source cited by Caliber.Az, Azeri Light rose by $2.22, or 2%, to $113.11 per barrel.

At the close of trading, June futures for Brent crude stood at $112.31 per barrel.

Prices for Azerbaijani oil exported via Ceyhan, Türkiye, under FOB terms (BTC FOB), also climbed by $2.25, or 2.1%, reaching $110.09 per barrel.

The increase comes as energy markets continue to fluctuate amid global supply and geopolitical uncertainty. State Oil Company of Azerbaijan Republic (SOCAR) participates in the production of Azeri Light through its stake in the Azeri-Chirag-Guneshli (ACG) offshore oil field consortium.

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

Historically, Azeri Light has seen sharp volatility, with a record low of $15.81 per barrel in April 2020 during the COVID-19 demand collapse, and a peak of $149.66 per barrel in July 2008 amid global energy price surges.

By Sabina Mammadli