The price of one barrel of Azerbaijan’s Azeri Light crude rose by $5.50, or 4.61%, to $124.76 on the global market.
An oil market source told the Operative Information Center-OMM.
According to trading results, December futures for Brent crude stood at $127.11 per barrel.
On a free-on-board (FOB) basis at Türkiye’s Ceyhan port, the price of one barrel of Azerbaijan’s Azeri Light crude rose by $5.04, or 4.48%, to $117.33.
Azerbaijan’s state budget for this year is based on an average oil price of $65 per barrel.
Azeri Light’s lowest price was recorded on April 21, 2020, at $15.81 per barrel, while its highest was $149.66 in July 2008. In Azerbaijan, this grade is produced under the agreement to develop the Azeri-Chirag-Gunashli (ACG) oil fields. The State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 35.3% stake in the agreement.
