The price of one barrel of Azerbaijan’s Azeri Light crude rose by $0.91, or 0.78%, to $117.74 on the global market.
An oil market source told the Operative Information Center-OMM.
According to trading results, November futures for Brent crude were priced at $116.43 per barrel.
On an FOB basis at Türkiye’s Ceyhan port, the price of one barrel of Azerbaijan’s Azeri Light crude increased by $0.92, or 0.83%, to $111.01.
Azerbaijan’s state budget for this year is based on an average oil price of $65 per barrel.
Azeri Light recorded its lowest price of $15.81 on April 21, 2020, while its highest price of $149.66 was registered in July 2008. In Azerbaijan, this grade of 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.
Brent crude is a key international benchmark used to price oil from many regions, while Azeri Light is valued for its relatively low sulfur content and is exported through international markets, including the Ceyhan terminal.
