The price of Azerbaijan’s flagship Azeri Light crude rose by $0.91, or 0.78%, to $117.74 per barrel on the global market.

The price of Azeri Light on an FOB basis at Türkiye’s Ceyhan port also increased, gaining $0.92, or 0.83%, to reach $111.01 per barrel, according to Report.

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

Azeri Light has recorded significant price swings over the years. Its lowest price was $15.81 per barrel on April 21, 2020, while its record high of $149.66 was reached in July 2008.