Azeri Light oil price rises to $95.57 per barrel

The price of Azerbaijan's Azeri Light crude oil rose by $0.41, or 0.43%, to $95.57 per barrel on the world market, according to a source in the oil market.

The price of September futures for Brent crude stood at $93.33 per barrel following trading results.

At Türkiye's Ceyhan port, the FOB price of Azeri Light increased by $0.43, or 0.46%, to $92.75 per barrel.

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 per barrel on April 21, 2020. Its highest price, $149.66 per barrel, was recorded in July 2008.

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