Oil rally pushes Azerbaijani crude close to $116 per barrel

The price of Azerbaijan’s Azeri Light crude oil rose on global markets, increasing by $2.04, or 1.79%, to reach $115.89 per barrel, according to a market source cited by Caliber.Az.

By comparison, Brent crude futures for June delivery closed at $116.42 per barrel.

At Türkiye’s Ceyhan port, where Azerbaijani oil is exported under FOB (Free on Board) terms, the price of Azeri Light also increased, gaining $1.94, or 1.75%, to $112.69 per barrel.

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

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

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

By Tamilla Hasanova