The price of a barrel of Azeri Light crude oil has increased by $3.02, or 2.96%, reaching $104.98 on the global market.
This information was provided to the Operative Information Center-OMM by sources within the oil market.
According to the latest trading results, the price of Brent crude oil futures for November delivery settled at $101.69 per barrel. Simultaneously, the price of Azeri Light crude oil on a FOB basis at the Turkish port of Ceyhan rose by $2.98, or 3%, to $102.19 per barrel.
The current state budget of Azerbaijan was calculated based on an average oil price of $65 per barrel, meaning the current market surge significantly exceeds initial projections. Historically, Azeri Light reached its lowest price on April 21, 2020, at $15.81, and its peak in July 2008 at $149.66. This grade of oil is produced under the agreement on the development of the Azeri-Chirag-Gunashli (ACG) field block, in which the State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 35.3% stake.
