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Azerbaijani Oil Price Surges to $96.68

Guavy AI Editorial Team
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The price of Azerbaijani oil has surged to $96.68 per barrel on the world market, up by $1.2 or 1.26% from the previous day.

This increase comes as Brent crude oil futures for October stood at $94.03 after trading settled. Meanwhile, the price of Azeri Light oil in Turkey's Ceyhan under FOB terms rose to $93.04 per barrel, up by $1.25 or 1.36%.

Azerbaijan's state budget is based on an oil price of $65, a significant departure from the current market value. The country's oil production primarily comes from the Azeri-Chirag-Gunashli (ACG) block of fields, with the State Oil Company (SOCAR) holding a 35.3% share in the contract.

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