Azeri Light Crude Surges Past $117 Per Barrel Amid Rising Brent Prices
The price of Azeri Light crude oil has reached a record high, surpassing $117 per barrel. This significant increase is attributed to rising Brent prices, with November futures for Brent crude trading at $116.43 per barrel.
Azerbaijan's state budget for this year is based on an average oil price of $65 per barrel, which highlights the substantial difference between current prices and the projected figures. The Azeri Light grade of crude is produced under a contract for developing the Azeri-Chirag-Gunashli (ACG) field block.
The State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 35.3% stake in the contract, while Brent crude serves as a key international benchmark used to price oil from many regions. The relatively low sulfur content of Azeri Light makes it valuable for export through international markets, including the Ceyhan terminal.