Azeri Light oil surges past $140 per barrel

The price of Azerbaijani Azeri Light crude oil has surged on global markets, surpassing the $140 per barrel mark.

According to local media, the price of Azeri Light (CIF) increased by $10.89, or 8.3%, reaching $141.68 per barrel. The previous recorded price stood at $130.79 per barrel.

The sharp rise places current prices significantly above the benchmark used in Azerbaijan’s state budget for the year, where the average price of Azeri Light crude is projected at $65 per barrel.

By Tamilla Hasanova