Azerbaijan’s oil price rises above $113 per barrel

The price of Azerbaijan’s Azeri Light crude rose by $2.22, or 2%, to $113.11 per barrel on global markets, a source in the oil market said. Brent crude futures for June delivery stood at $112.31 per barrel at the close of trading.

At Türkiye’s Ceyhan port, the FOB price of Azeri Light increased by $2.25, or 2.1%, to $110.09 per barrel. Azerbaijan’s 2026 state budget is based on an average oil price of $65 per barrel.

Azeri Light hit its record low of $15.81 per barrel on April 21, 2020, while its all-time high of $149.66 was recorded in July 2008. The grade is produced under the Azeri-Chirag-Gunashli block development agreement, in which SOCAR holds a 31.65% stake.