The price of one barrel of Azerbaijan’s Azeri Light crude rose by $0.48, or 0.4%, to $120.02 on the global market.
A source in the oil market told the Operative Information Center-OMM.
According to trading results, the price of November futures for Brent crude stood at $118.56 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 $0.97, or 0.84%, to $114.58.
Azerbaijan’s state budget for this year was calculated on the basis of 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 recorded in July 2008. In Azerbaijan, this grade of crude 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% stake in the contract.
Oil prices are closely monitored in Azerbaijan because hydrocarbon revenues remain an important source of budget income and export earnings. Changes in global crude prices can therefore affect fiscal revenues, the balance of payments and investment plans in the country.
