The price of a barrel of Azerbaijan’s Azeri Light crude rose by $3.88, or 3.17%, to $126.16 on the global market.
A source in the oil market provided the information to Operative Information Center-OMM.
According to trading results, December futures for Brent crude stood at $118.76 a barrel.
On a free-on-board (FOB) basis at Turkey’s Ceyhan port, a barrel of Azeri Light rose by $4.10, or 3.65%, to $116.48.
Azerbaijan’s state budget for this year is based on an average oil price of $65 a barrel.
Azeri Light’s lowest price, $15.81 a barrel, was recorded on April 21, 2020, while its highest price, $149.66, was recorded in July 2008. In Azerbaijan, this grade of oil is produced under a contract to develop the Azeri-Chirag-Gunashli (ACG) field block. The State Oil Company of Azerbaijan (SOCAR) holds a 35.3% stake in the contract.
