The price of Azerbaijan’s Azeri Light crude rose by $6.22, or 5.49%, to $119.54 per barrel on the global market.
A source in the oil market told the Operative Information Center-OMM.
According to trading results, the price of November Brent crude futures stood at $120.31 per barrel.
On a free-on-board (FOB) basis at Türkiye’s Ceyhan port, the price of Azerbaijan’s Azeri Light crude increased by $5.68, or 5.17%, to $115.55 per barrel.
Azerbaijan’s state budget for this year was based on an average oil price of $65 per barrel.
Azeri Light recorded its lowest price of $15.81 per barrel on April 21, 2020, while its highest price of $149.66 was registered in July 2008. In Azerbaijan, the grade 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 ACG block is one of Azerbaijan’s main oil production assets and is operated as part of the country’s broader energy export system. Ceyhan is a key export terminal for Azerbaijani crude delivered to international markets.
