Azeri Light oil price edges higher to $95.57 per barrel

The price of Azerbaijan’s Azeri Light crude oil rose by $0.41, or 0.43%, to $95.57 per barrel on the global market, according to local media.

Meanwhile, September Brent futures stood at $93.33 per barrel at the close of trading.

At Türkiye’s Ceyhan port, the free-on-board (FOB) price of Azerbaijani oil climbed by $0.43, or 0.46%, to $92.75 per barrel.

For this year, Azerbaijan’s state budget is based on an oil price of $65 per barrel.

Azeri Light hit its lowest-ever price of $15.81 per barrel on April 21, 2020, while its record high of $149.66 was reached in July 2008.

Most of Azerbaijan’s oil production comes from the Azeri-Chirag-Gunashli (ACG) field block, developed under a production-sharing agreement. The State Oil Company of the Republic of Azerbaijan (SOCAR) holds a 35.3% stake in the contract.

By Jeyhun Aghazada