Azerbaijan’s Azeri Light Crude Edges Up 1.01% Amid Global Market Shifts

Azerbaijan’s Azeri Light crude oil rose by $0.83, or 1.01 per cent, reaching $68.31 per barrel.

For context, the lowest price for Azeri Light crude was $15.81 per barrel on April 21, 2020, amid the global oil market downturn, The Caspian Post reports via local media.

The highest recorded price reached $149.66 per barrel in July 2008.

Azeri Light is a high-quality, light, low-sulfur crude oil produced in Azerbaijan, primarily from offshore fields in the Caspian Sea. It serves as the country’s benchmark export grade and is widely traded on international oil markets.

Known for its low sulfur content and favorable refining properties, Azeri Light is in demand among refineries worldwide. Its pricing is influenced by global supply and demand dynamics, geopolitical developments, OPEC decisions, and regional production levels.