Price of Azeri Light reaches maximum since the start of the Middle East conflict
The price of a barrel of Azerbaijani oil of the Azeri Light brand on the world market increased by 2.99 US dollars, or 2.46%, to 124.24 US dollars, a source in the oil market reported.
Over the past month, since the start of the armed conflict in the Middle East region, the cost of Azerbaijani oil has reached its highest level, rising by 70.8% (51.5 dollars).
At the close of trading, the price of May futures for Brent crude oil was 120.51 US dollars.
In the Turkish port of Ceyhan, the price per barrel of Azerbaijani oil of the Azeri Light brand on an FOB basis increased by 3.03 dollars, or 2.64%, amounting to 117.44 dollars.
In Azerbaijan's state budget for this year, the oil price is set at 65 dollars.
As a reminder, the minimum price for Azeri Light oil was recorded on April 21, 2020 (15.81 US dollars), and the maximum was in July 2008 (149.66 US dollars).
In Azerbaijan, oil is mainly produced under the agreement on the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The share of the State Oil Company of Azerbaijan (SOCAR) in the contract is 31.655%.
