The price of one barrel of Azerbaijan’s Azeri Light crude rose by $0.87, or 0.81%, to $108.18 on the global market.
A source in the oil market told the Operative Information Center-OMM.
According to the results of trading, the price of November futures for Brent crude stood at $108.68 per barrel.
On a FOB basis at Türkiye’s Ceyhan port, the price of one barrel of Azerbaijan’s Azeri Light crude increased by $0.76, or 0.73%, to $104.99.
Azerbaijan’s state budget for this year is based on an average oil price of $65 per barrel.
Azeri Light reached its lowest price of $15.81 on April 21, 2020, and its highest price of $149.66 in July 2008. In Azerbaijan, this grade is produced under the contract for the 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.
Higher oil prices can increase Azerbaijan’s export earnings and budget revenues, although the overall effect also depends on production volumes, export conditions and global market trends. The ACG block remains one of the country’s main oil production assets.
