The price of Azerbaijan’s flagship Azeri Light crude oil has climbed sharply on the global market, rising by $3.11, or 2.98%, to $107.31 per barrel.

Meanwhile, November futures for Brent crude settled at $106.51 per barrel following trading, according to an oil market source.

The price of Azeri Light crude delivered under FOB terms at Türkiye’s Ceyhan port (BTC FOB) also increased, gaining $3.18, or 3.15%, to $104.23 per barrel.

The latest price is well above the level used to calculate Azerbaijan’s state budget. The country’s 2026 state budget assumes an average oil price of $65 per barrel.

Azeri Light has experienced significant price fluctuations over the years. Its lowest recorded price was $15.81 per barrel on April 21, 2020, while its historical peak reached $149.66 in July 2008.

Azeri Light is produced in Azerbaijan as part of the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The State Oil Company of the Azerbaijan Republic (SOCAR) holds a 35.3% stake in the production-sharing agreement.