Azeri Light oil price rises to $96.68 per barrel

The price of Azerbaijan's Azeri Light crude oil has increased by $1.20, or 1.26%, to $96.68 per barrel on the global market.

A market source told Report that the price was recorded following trading results.

Meanwhile, the price of Brent crude oil's October futures stood at $94.03 per barrel.

At the FOB basis at Türkiye's Ceyhan port, the price of one barrel of Azeri Light increased by $1.25, or 1.36%, to $93.04.

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, while its highest price of $149.66 was registered in July 2008.

Azeri Light is produced in Azerbaijan under the contract for 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 contract.