Azerbaijani Oil Price Jumps to $117.74 per Barrel

The price of Azerbaijani oil has risen on the world market. According to a source in the oil market, the price of Azeri Light oil increased by $0.91, or 0.78%, and reached $117.74 per barrel.

The November futures for Brent crude oil are trading at $116.43 per barrel. Meanwhile, the price of Azeri Light on a FOB basis at the Turkish port of Ceyhan rose by $0.92, or 0.83%, to $111.01.

Azerbaijan's state budget for the current year is calculated based on an average oil price of $65 per barrel.