Azerbaijan’s Azeri Light crude oil has recorded a sharp rise on the global market, climbing above the $97-per-barrel mark.

The price of one barrel of Azeri Light increased by $4.72, or 5.1%, to $97.61, according to Report.

Meanwhile, November Brent crude futures settled at $93.96 per barrel.

The price of Azeri Light delivered on a FOB basis at Türkiye’s Ceyhan port also rose significantly, gaining $5.02, or 5.6%, to reach $94.74 per barrel.

The latest price puts Azeri Light considerably above the $65-per-barrel oil price assumption used in Azerbaijan’s state budget for this year.

Azeri Light previously hit its lowest recorded price of $15.81 per barrel on April 21, 2020, while its historical peak was $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% share in the production-sharing agreement.