Azerbaijani oil price rises to almost $103 per barrel
The price of a barrel of Azerbaijani Azeri Light oil on the global market rose by $2.8, or 2.8%, to $102.68.
As 1news.az reports, citing a source on the oil market, at the close of trading the price of Brent crude futures for January 2027 was $96.11 per barrel.
The price of Azeri Light on a FOB basis at the Turkish port of Ceyhan rose by $2.89, or 3.01%, to $98.79 per barrel.
Azerbaijan's state budget for the current year is based on an average oil price of $65 per barrel.
Note that the minimum price of Azeri Light was recorded on April 21, 2020 — $15.81 per barrel, and the maximum in July 2008, when it reached $149.66.
In Azerbaijan, this grade of oil is produced under the contract for the development of the Azeri-Chirag-Gunashli (ACG) block of fields. SOCAR's share in the contract is 35.3%.
