Amid Middle East unrest, Azerbaijani oil prices soar to new high
The price of Azerbaijan's Azeri LT CIF oil rose by $2.99, or 2.46%, to reach $124.24 per barrel in the global market.
Over the past month, since the start of the armed conflict in the Middle East, the price of Azerbaijani oil has reached its maximum level, rising by 70.8% ($51.5), News.Az reports, citing local media.
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May futures for Brent crude were traded at $120.51 per barrel.
The price of a barrel of Azerbaijani oil of the Azeri LT CIF on Free on Board (FOB) basis at Türkiye's Ceyhan port rose by $3.03 or 2.64 %, amounting to $117.44.
The average oil price in Azerbaijan's state budget for 2026 was set at $65 per barrel.
The lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), and the all-time high of $149.66 was fixed in July 2008.
Azeri Light oil is produced under the contract for the development of the Azeri‑Chirag‑Gunashli (ACG) block of fields, in which the State Oil Company of Azerbaijan (SOCAR) holds a 31.65% share.
By Ulviyya Salmanli
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