The price of one barrel of Azerbaijan’s Azeri Light crude rose by 7.27 US dollars, or 6.06 %, to 127.29 US dollars on the global market.
A source in the oil market told the Operative Information Center-OMM.
According to trading results, the price of November futures for Brent crude stood at 129.28 US dollars.
On an FOB basis at Türkiye’s Ceyhan port, the price of one barrel of Azerbaijan’s Azeri Light crude increased by 7.13 US dollars, or 6.22 %, to 121.71 US dollars.
Azerbaijan’s state budget for this year was based on an average oil price of 65 US dollars per barrel.
It should be recalled that the lowest price for Azeri Light crude was recorded on April 21, 2020, at 15.81 US dollars, while its highest price was registered in July 2008, at 149.66 US dollars. In Azerbaijan, this crude is produced under the contract for the development of 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.
Higher oil prices generally increase export revenues and can strengthen budgetary and corporate income, although the final impact depends on production volumes, contractual terms, taxes and other market factors. The ACG block remains a key source of Azerbaijan’s oil production and SOCAR’s participation income.