Azeri Light crude nears $95 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 said the increase was recorded during trading.

Meanwhile, October Brent futures were priced at $92.72 per barrel.

At Türkiye’s Ceyhan port on an FOB basis, the price of Azeri Light rose by $2.69, or 3.05%, to $90.89 per barrel.

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

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

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

Stabil.Az