Azeri Light crude rises 5.5% to $119.54 per barrel

The price of Azerbaijan’s Azeri Light crude oil rose by $6.22, or 5.49%, to $119.54 per barrel on the global market, according to an oil market source.

The increase came as international crude prices also moved higher. Brent crude for November delivery was trading at $120.31 per barrel, Caliber.Az reports per local media. 

On a free-on-board (FOB) basis at Türkiye’s Ceyhan port, the price of Azeri Light increased by $5.68, or 5.17%, to $115.55 per barrel.

The rise puts Azeri Light well above the $65-per-barrel average oil price assumption used in Azerbaijan’s state budget for the year.

Azeri Light is produced from Azerbaijan’s Azeri-Chirag-Gunashli (ACG) offshore oil field complex. The State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 35.3% stake in the ACG production-sharing agreement.

Azeri Light has historically experienced significant price fluctuations. Its record low was $15.81 per barrel on April 21, 2020, while its record high of $149.66 per barrel was recorded in July 2008.

By Sabina Mammadli