Azeri Light crude rises to $116.41 per barrel

The price of Azerbaijan's Azeri Light crude oil increased by $2.93, or 2.58%, to $116.41 per barrel on the global market, according to a source in the oil market cited by Report.

Following trading results, the price of Brent crude July futures stood at $112.2 per barrel.

At the Turkish Ceyhan port, the FOB price for Azeri Light crude rose by $2.96, or 2.67%, to $113.94 per barrel.

Azerbaijan's 2022 state budget was calculated based on an average oil price of $65 per barrel.

Azeri Light recorded its lowest price on April 21, 2020, at $15.81 per barrel, while its highest price was registered in July 2008 at $149.66 per barrel.

In Azerbaijan, Azeri Light crude is produced under the agreement for the development of the Azeri-Chirag-Gunashli (ACG) oil fields. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake in the project.