Azeri Light oil price surges above $109 per barrel

The price of Azerbaijan’s Azeri Light crude rose above $109 per barrel on global markets, reflecting a sharp increase in oil prices.

According to a source in the oil market cited by domestic media, the price of one barrel of Azeri Light increased by $4.43, or 4.19%, reaching $109.98.

At the same time, July futures for Brent crude closed at $104.72 at the end of trading.

The price of Azerbaijani oil delivered to Türkiye’s Ceyhan under FOB terms also increased, rising by $4.52, or 4.41%, to $107.01.

The current price significantly exceeds the benchmark used in Azerbaijan’s state budget for the year, which is set at $65 per barrel.

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

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

By Tamilla Hasanova