The price of Azerbaijan’s flagship Azeri Light crude oil rose by $4.69, or 3.13%, to $121.43 per barrel on the global market.

The price of Azeri Light on an FOB basis at Türkiye’s Ceyhan port also increased, climbing by $3.71, or 3.34%, to $114.72 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 seen significant price swings over the years. Its lowest recorded price was $15.81 per barrel on April 21, 2020, while its all-time high of $149.66 was reached in July 2008.