Azeri Light crude rises 3.71% to $125.94 per barrel

The price of a barrel of Azerbaijan's Azeri Light crude oil on the world market rose by $4.51, or 3.71%, to $125.94.

A source in the oil market told Report.

According to the results of trading, November futures for Brent crude stood at $125.52 per barrel.

At Türkiye's Ceyhan port, the FOB price of a barrel of Azeri Light increased by $4.54, or 3.95%, to $119.26.

Azerbaijan"s state budget for this year assumes an average oil price of $65 per barrel.

Report recalls that Azeri Light recorded its lowest price on April 21, 2020, at $15.81 per barrel, while its record high of $149.66 was registered in July 2008.

Azeri Light is produced in Azerbaijan under the agreement on the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The State Oil Company of Azerbaijan, SOCAR, holds a 35.3% stake in the agreement.