Azeri Light rises to nearly $111 per barrel

The price of Azerbaijan’s Azeri Light crude oil rose to nearly $111 per barrel on global markets, according to a source cited by Caliber.Az.

The price increased by $0.38, or 0.34%, reaching $110.89 per barrel.

At the same time, June futures for Brent crude closed at $107.69 per barrel.

The price of Azerbaijani oil delivered via Turkey’s Ceyhan port under FOB (BTC FOB) terms also increased, rising by $0.45, or 0.42%, to $107.84 per barrel.

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

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

Azeri Light crude is produced as part of the development agreement for the Azeri-Chirag-Gunashli (ACG) block of oil fields. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake in the contract.

By Tamilla Hasanova