The price of one barrel of Azerbaijan’s Azeri Light crude rose by $8.04, or 6.42%, to $133.23 on the global market.
A source in the oil market told the Operative Information Center-OMM.
Brent crude futures for December settled at $135.74, according to trading results.
On an FOB basis at Turkey’s Ceyhan port, the price of a barrel of Azerbaijan’s Azeri Light crude increased by $7.83, or 6.83%, to $122.39.
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 peak of $149.66 was reached in July 2008. The grade is produced in Azerbaijan under the contract for development of the Azeri-Chirag-Gunashli (ACG) field block. The State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 35.3% share in the contract.
