Azeri Light oil price falls by $2.12

The price of one barrel of Azeri Light Azerbaijani crude oil fell by $2.12, or 2.4%, in the global market, bringing the current price to $86.34 per barrel. This decline reflects ongoing fluctuations in the international oil market, Azernews reports.

At the recent auctions, the price for September futures of Brent crude oil was recorded at $82.41 per barrel. Brent crude, a major global benchmark, serves as a key reference for oil prices around the world.

In Azerbaijan's state budget for this year, the average price of one barrel of oil was projected at $75. This budgetary forecast plays a crucial role in the country's economic planning and revenue projections.

The price of Azeri Light has experienced significant volatility over time. The lowest recorded price for this crude oil was $15.81 per barrel on April 21, 2020, amidst the global oil price crash triggered by the COVID-19 pandemic. Conversely, the highest price was $149.66 per barrel in July 2008 during a period of high global oil demand and market speculation.

Azerbaijan’s oil production primarily stems from the Azeri-Chirag-Gunashli (ACG) field block, a major offshore oil development project. The State Oil Company of Azerbaijan (SOCAR) holds a 25% stake in this agreement, which is a significant component of Azerbaijan’s oil industry.

As global oil markets continue to evolve, fluctuations in oil prices will remain a key factor in Azerbaijan’s economic strategy.