Azerbaijani oil hits $118.16 as Brent price also rise

The price of one barrel of Azerbaijani Azeri Light crude on the global market increased by $1.75, or 1.5%, reaching $118.16.

At the end of trading, July futures for Brent crude stood at $114.9 per barrel, a market source told Caliber.Az.

In Türkiye’s Ceyhan terminal, the price of Azerbaijani oil under FOB terms rose by $1.77, or 1.55%, to $115.71 per barrel.

Azerbaijan’s state budget for this year had forecast an oil price of $65 per barrel.

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

Oil in Azerbaijan is mainly produced under the agreement for the development of the Azeri–Chirag–Gunashli (ACG) block.

The State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 31.65% stake in the contract.

By Bakhtiyar Abbasov