OMM Newsroom
The price of one barrel of Azerbaijan’s Azeri Light crude rose by 0.74 US dollars, or 0.58%, on the global market to 128.03 US dollars.
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 132.19 US dollars.
On an FOB basis at Türkiye’s Ceyhan port, the price of one barrel of Azerbaijan’s Azeri Light crude rose by 0.74 US dollars, or 0.61%, to 122.45 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 noted 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 grade of crude is produced under the contract for developing 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. The ACG block is one of Azerbaijan’s key hydrocarbon production projects and a major contributor to the country’s oil exports.
