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Commodities

Azeri Light Crude Price Surges Above $97 Amid Global Market Volatility

Guavy AI Editorial Team
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Oil
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The price of Azeri Light crude oil has increased to $97.12 per barrel on the world market, rising by $0.44 or 0.45%.

This increase was recorded during trading and marks a slight gain from previous days' prices.

Meanwhile, the price of October Brent futures stood at $94.43 per barrel.

The State Oil Company of Azerbaijan (SOCAR) holds a significant stake in the production-sharing agreement for the Azeri-Chirag-Gunashli field block, where Azeri Light is produced.

Azerbaijan's state budget for this year is based on an average oil price of $65 per barrel, which is significantly lower than current market prices.

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