Since February 28, in the wave of military operations by the US and Israel against Iran, the tension engulfing the Middle East has skyrocketed the price of oil.
Medianews.az reports that on March 10, the barrel of Azerbaijani oil branded "Azeri Light" is sold at $103.03. This is $38.03 above the budget price.
The military tension negatively affects production and shipments not only in Iran but also in other Middle Eastern oil countries – Iraq, Saudi Arabia, United Arab Emirates, Kuwait, Oman, Bahrain – causing prices to soar.
In Azerbaijan's 2026 budget, the price of one barrel of oil is taken at $65; "Azeri Light" started January at $65.71, February at $69.72, and March at $79.60.
The international coalition of exporters has set the daily crude oil production quota for Azerbaijan at 551 thousand barrels.