Azeri Light crude jumps to over $124 per barrel

The price of Azerbaijani Azeri Light crude oil rose sharply on global markets, increasing by $2.99, or 2.46%, to reach $124.24 per barrel, according to a market source cited by local media.

At the same time, May futures for Brent crude settled at $120.51 per barrel by the end of trading.

In Ceyhan, the price of Azeri Light crude exported on an FOB basis increased by $3.03, or 2.64%, reaching $117.44 per barrel.

Despite the recent surge in prices, Azerbaijan’s state budget for the year is based on a significantly lower benchmark oil price of $65 per barrel.

By Tamilla Hasanova