Azerbaijani oil price rises nearly 2%

The price of a barrel of Azerbaijan's Azeri Light crude oil on the global market rose by $2.04, or 1.79%, to $115.89, a source in the oil market told Report.

According to the results of trading, the price of Brent crude futures for June stood at $116.42 per barrel.

The price of a barrel of Azeri Light crude oil on a FOB basis at Türkiye's Ceyhan port increased by $1.94, or 1.75%, to $112.69.

Azerbaijan's state budget for this year is based on an average oil price of $65 per barrel.

The lowest price for Azeri Light was recorded on April 21, 2020, at $15.81, while its highest price was registered in July 2008, at $149.66. In Azerbaijan, this grade of oil is produced under the contract for the development of the Azeri-Chirag-Gunashli block of fields. SOCAR holds a 31.65% stake in the contract.