Azeri Light oil price rises to $94.58 per barrel

The price of Azerbaijan's Azeri Light crude oil rose by $3.27, or 3.58%, to $94.58 per barrel on the world market.

A source in the oil market told Report that the increase was recorded during trading.

Meanwhile, the price of October Brent futures stood at $92.72 per barrel.

At the FOB basis at Türkiye's Ceyhan port, the price of one barrel of Azeri Light increased by $2.69, or 3.05%, to $90.89.

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

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

Azeri Light is produced from the Azeri-Chirag-Gunashli (ACG) field block under the production-sharing agreement for its development. The State Oil Company of Azerbaijan (SOCAR) holds a 35.3% stake in the agreement.