The price of a barrel of Azeri Light crude oil on the global market has increased by 0.44 USD, or 0.45%, reaching 97.12 USD.
This information was provided to the Operative Information Center-OMM by sources within the oil market.
According to the trading results, the price of October futures for Brent crude oil stood at 94.43 USD. Meanwhile, at the Ceyhan terminal in Turkey, the FOB price for a barrel of Azeri Light crude oil rose by 0.66 USD, or 0.7%, to 93.7 USD.
For context, Azerbaijan's state budget for the current year was calculated based on an average oil price of 65 USD per barrel, making current market fluctuations significant for the national economy. The Azeri Light crude is extracted as part of the production sharing agreement for the Azeri-Chirag-Gunashli (ACG) field block, in which the State Oil Company of Azerbaijan (SOCAR) holds a 35.3% stake.
Historically, the price of Azeri Light has seen significant volatility; its lowest recorded price was 15.81 USD on April 21, 2020, while its peak reached 149.66 USD in July 2008.
