Azeri Light oil price rises 0.6% to $93.93 per barrel

The price of Azerbaijan's Azeri Light crude oil on the world market increased by $0.56, or 0.6%, to $93.93 per barrel, A source in the oil market told Report.

According to trading results, September futures for Brent crude were priced at $89.19 per barrel.

On a FOB basis at Türkiye's Ceyhan port, the price of one barrel of Azeri Light crude increased by $0.65, or 0.72%, to $90.95.

Azerbaijan's state budget for this year is based on an average oil price of $65 per barrel.

Azeri Light's lowest price was recorded on April 21, 2020, at $15.81 per barrel, while its highest price was registered in July 2008, at $149.66.

Azerbaijan produces Azeri Light crude as part of the agreement on the development of the Azeri-Chirag-Gunashli (ACG) field block. The State Oil Company of the Azerbaijan Republic (SOCAR) holds a 35.3% stake in the project.