The price of one barrel of Azerbaijan’s Azeri Light crude rose by $5.14, or 4.75%, to $113.32 on the global market.
A source in the oil market told the Operative Information Center-OMM.
According to trading results, November futures for Brent crude stood at $114.26 per barrel.
On a free-on-board (FOB) basis at Türkiye’s Ceyhan port, the price of one barrel of Azerbaijan’s Azeri Light crude increased by $4.88, or 4.65%, to $109.87.
Azerbaijan’s state budget for this year was calculated based on an average oil price of $65 per barrel.
Azeri Light recorded its lowest price of $15.81 on April 21, 2020, and its highest price of $149.66 in July 2008. In Azerbaijan, the 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 increase in Azeri Light prices comes as benchmark Brent crude futures also exceed $114 per barrel. Oil prices are closely monitored in Azerbaijan because hydrocarbon revenues remain an important component of the country’s budget and export earnings.
