The price of a barrel of Azerbaijan’s Azeri Light crude rose by 3 cents, or 0.03%, to $106.84 on the world market.
A source in the oil market provided the information to Operative Information Center-OMM.
According to trading results, January futures for Brent crude were priced at $95.98 a barrel.
On a FOB basis at Turkey’s port of Ceyhan, a barrel of Azerbaijan’s Azeri Light rose by $1.70, or 1.7%, to $101.60.
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 reached in July 2008. The grade is produced in Azerbaijan under a contract to develop the Azeri-Chirag-Gunashli (ACG) block of fields. SOCAR holds a 35.3% stake in the contract.
