The price of Azerbaijan’s Azeri Light crude oil rose by $0.48, or 0.4%, to $120.02 per barrel on the global market.

The increase came amid higher prices for benchmark crude, according to Report.

November futures for Brent crude closed at $118.56 per barrel.

Meanwhile, the price of Azeri Light crude sold on a FOB basis at Türkiye’s Ceyhan port increased by $0.97, or 0.84%, reaching $114.58 per barrel.

Azerbaijan’s state budget for the year is based on an oil price assumption of $65 per barrel, meaning current Azeri Light prices remain significantly above the budget benchmark.

Azeri Light reached its historical low of $15.81 per barrel on April 21, 2020, while its record high of $149.66 was recorded in July 2008.