Azeri Light crude surges above $121 per barrel on global markets

The price of Azerbaijan’s Azeri Light crude oil rose sharply on the global market, increasing by $7.55, or 6.64%, to reach $121.25 per barrel, according to a source in the oil market cited by domestic media.

At the same time, May futures for Brent crude closed at $117.49 per barrel.

At Türkiye’s Ceyhan port, the price of Azeri Light crude on an FOB basis climbed by $7.17, or 6.68%, to $114.41 per barrel.

Despite the recent surge, Azerbaijan’s state budget for the current year is based on a benchmark oil price of $65 per barrel.

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

Oil production in Azerbaijan is primarily carried out under the development agreement for the Azeri-Chirag-Gunashli oil field block. The State Oil Company of Azerbaijan, SOCAR, holds a 31.655% stake in the contract.

By Tamilla Hasanova