Azerbaijani oil prices rise

The price of one barrel of Azerbaijan’s Azeri Light crude on the global market increased by $0.51, or 0.72%, to $71.21, according to oil trading data.

At the close of trading, April futures for Brent crude stood at $72.11 per barrel.

The price of Azerbaijani oil delivered to Turkey’s Ceyhan port under FOB (BTC FOB) terms rose by $0.53, or 0.78%, to $68.72 per barrel.

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

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

In Azerbaijan, Azeri Light crude is produced under the agreement for the development of the Azeri–Chirag–Gunashli (ACG) block of fields. SOCAR’s share in the contract stands at 31.65%.

N.Tebrizli