Azeri Light Crude Oil Surges Above $97 Amid Global Price Spike

Azerbaijan's Azeri Light crude oil has experienced a significant price surge on the global market, reaching above $97 per barrel. This sharp rise comes after a $4.72 increase, or 5.1%, to $97.61 per barrel, according to Report.

The prices of other major crude oils also saw an upward trend, with November Brent crude futures settling at $93.96 per barrel. The Azeri Light delivered on a FOB basis at Türkiye's Ceyhan port also rose significantly by $5.02, or 5.6%, to reach $94.74 per barrel.

This latest price puts Azeri Light considerably above the $65-per-barrel oil price assumption used in Azerbaijan's state budget for this year. Historically, Azeri Light has seen a peak of $149.66 in July 2008 and its lowest recorded price was $15.81 per barrel on April 21, 2020.