Azerbaijani Oil Price Approaches $70 on Global Market
Azeri LT CIF Oil Price Increases to $69.99 per Barrel
The price of Azerbaijan’s Azeri LT CIF oil in the world market has seen a positive uptick, increasing by $0.65, or 0.94%, to $69.99 per barrel. This development comes as June futures for Brent crude were traded at $68.99 per barrel. Additionally, the price of a barrel of Azerbaijani oil of the Azeri LT CIF on Free on Board (FOB) basis at Türkiye’s Ceyhan port also saw growth, rising by $0.71 or 1.05%, to $68.25.
It is important to note that the average oil price in Azerbaijan’s state budget for 2025 was set at $70 per barrel. Looking back at historical data, the lowest price for Azeri Light was recorded on April 21, 2020, at $15.81, while the all-time high of $149.66 was fixed in July 2008.
Overall, this latest increase in the price of Azeri LT CIF oil reflects ongoing market dynamics and may have implications for various stakeholders in the energy sector. It will be interesting to see how this trend develops in the coming days and weeks.
