Azeri Light exceeds $110 per barrel

The price of Azerbaijan’s Azeri Light crude rose sharply on April 21, gaining more than $6 per barrel on international markets.

According to a source cited by local press, Azeri Light increased by $6.02, or 5.76%, reaching $110.51 per barrel.

At the same time, June futures for Brent crude closed at $105.96 per barrel.

Azeri Light prices at Turkey’s Ceyhan port, calculated on an FOB basis, also recorded a similar increase, rising by $6.06, or 5.98%, to $107.39 per barrel.

The rise comes well above the benchmark price of $65 per barrel set 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 peak was recorded in July 2008 at $149.66.

Oil production in Azerbaijan is primarily carried out under the development agreement for the Azeri-Chirag-Gunashli (ACG) field block, in which the State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake.

By Tamilla Hasanova