The price of a barrel of Azerbaijan's Azeri Light crude oil on the global market rose by $6.43, or 5.55%, to $122.32, a source in the oil market told Report.
According to the results of trading, the price of Brent crude futures for June stood at $122.94 per barrel.
The price of a barrel of Azeri Light crude oil on a FOB basis at Türkiye's Ceyhan port increased by $6.33, or 5.62%, to $119.02.
Azerbaijan's state budget for this year is based on an average oil price of $65 per barrel.
The lowest price for Azeri Light was recorded on April 21, 2020, at $15.81, while its highest price was registered in July 2008, at $149.66. In Azerbaijan, this grade of oil is produced under the contract for the development of the Azeri-Chirag-Gunashli block of fields. SOCAR holds a 31.65% stake in the contract.