Azeri Light crude surpasses $120 per barrel

The price of Azerbaijan's Azeri Light crude rose by $0.48, or 0.4%, to $120.02 per barrel on the global market, a source in the oil market told Report.

Brent crude futures for November delivery settled at $118.56 per barrel.

At Türkiye's Ceyhan port, Azeri Light crude on a Free on Board (FOB) basis gained $0.97, or 0.84%, to $114.58 per barrel.

Azerbaijan's 2026 state budget is based on an average oil price of $65 per barrel.

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

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