The price of Azerbaijan’s Azeri Light crude climbed to $121.43 a barrel on world markets, up $3.69, or 3.13%, from the previous session.
According to oil market sources, Azeri Light rose to that level as Brent crude’s November futures contract was recorded at $119.43 a barrel.
On a FOB basis at Turkey’s Ceyhan port, Azeri Light gained $3.71, or 3.34%, to reach $114.72 a barrel.
Azerbaijan’s state budget for this year was drafted on an average oil price forecast of $65 a barrel.
Azeri Light’s lowest recorded price was $15.81 a barrel on April 21, 2020, while its all-time high stood at $149.66 in July 2008.
The crude is produced under the contract governing development of the Azeri-Chirag-Guneshli (ACG) block of fields, in which Azerbaijan’s state oil company SOCAR holds a 35.3% stake.
