The price of Azerbaijan's Azeri Light crude oil rose by $6.22, or 5.49%, to $119.54 per barrel on the global market, a source in the oil market told Report.
According to trading results, the price of Brent crude oil for November futures stood at $120.31 per barrel.
On the FOB basis at Türkiye's Ceyhan port, the price of one barrel of Azeri Light increased by $5.68, or 5.17%, reaching $115.55.
Azerbaijan's state budget for this year is based on an average oil price of $65 per barrel.
Azeri Light is produced in Azerbaijan as part of 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.
The lowest recorded price for Azeri Light was $15.81 per barrel on April 21, 2020, while its highest price of $149.66 was recorded in July 2008.