The price of one barrel of Azerbaijan's Azeri Light crude rose by $0.62, or 0.58%, to $107.46 on the global market, a source in the oil market told Report.
According to trading results, January futures for Brent crude stood at $96.48 per barrel.
At the Turkish port of Ceyhan, the FOB price of Azeri Light rose by $0.80, or 0.79%, to $102.40 per barrel.
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 per barrel, while its highest price of $149.66 was registered in July 2008. In Azerbaijan, this grade of oil is produced under the contract for the development of the Azeri-Chirag-Gunashli (ACG) field block. The State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 35.3% stake in the contract.