Azerbaijan (Turkish News): The price of Azerbaijan’s Azeri Light crude oil rose by $3.81, or 3.07 percent, in the global market, reaching $128.05 per barrel. The information was obtained from market sources by the news agency report.
According to Neft Harris auction results, May futures for Brent crude oil were priced at $123.49 per barrel. At the Turkish port of Ceyhan, the FOB-based price of Azeri Light crude increased by $3.61, or 3.07 percent, reaching $121.05 per barrel.
Azerbaijan’s current annual budget had calculated the average oil price at $65 per barrel. For reference, Azeri Light crude reached its lowest price of $15.81 on April 21, 2020, and its highest of $149.66 in July 2008.
This crude is produced under the Azeri-Chirag-Guneshli (AÇG) field block agreement, in which the State Oil Company of Azerbaijan (SOCAR) holds a 31.65 percent share.
