The price of Azerbaijan’s Azeri Light crude oil on the global market has increased by $1.01, or 0.8%, to $127.60 per barrel.

The price of Azeri Light on a Free on Board (FOB) basis at Türkiye’s Ceyhan port also rose, gaining $1.51, or 1.31%, to reach $116.40 per barrel, according to Report.

Azerbaijan’s state budget for the current year is based on an average oil price of $65 per barrel, leaving the current global market price of Azeri Light well above the budget benchmark.

Historically, the lowest price for Azeri Light was recorded on April 21, 2020, at $15.81 per barrel. Its all-time high was reached in July 2008, when the price climbed to $149.66 per barrel.