Azeri Light oil price jumps over 5% on global market

The price of Azerbaijan's Azeri Light crude oil rose sharply on global markets, increasing by $6.02, or 5.76%, to reach $110.51 per barrel, a market source told Report.

At the end of trading, June futures for Brent crude were priced at $105.96 per barrel.

The price of Azeri Light crude delivered on FOB terms at Türkiye's Ceyhan port also climbed, rising by $6.06, or 5.98%, to $107.39 per barrel.

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

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

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