The price of Azeri Light, Azerbaijan’s flagship crude oil grade, has climbed above the $100-per-barrel mark on the global market, reaching $100.56 after gaining $1.83, or 1.85%.

The rally comes as Brent crude September futures settled at $94.17 per barrel, The Caspian Post reports via Report.

Meanwhile, the price of Azeri Light loaded at Türkiye’s Ceyhan port on FOB terms also increased, rising $1.88, or 1.98%, to $96.69 per barrel.

The latest price significantly exceeds the $65 per barrel benchmark used in Azerbaijan’s 2026 state budget, potentially providing additional revenue for the country's public finances.

Azeri Light hit a record low of $15.81 per barrel on April 21, 2020, during the global oil market crash, while its all-time high of $149.66 was recorded in July 2008.

Most of Azerbaijan’s oil production comes from the Azeri-Chirag-Gunashli (ACG) offshore field development project, in which the State Oil Company of the Azerbaijan Republic (SOCAR) holds a 31.65% stake.