The price of Azerbaijan’s Azeri Light crude oil increased by $0.44, or 0.45%, reaching $97.12 per barrel on the global market.

The increase was recorded during trading, Report informed.

Meanwhile, the price of October Brent futures stood at $94.43 per barrel.

At the FOB basis at Türkiye's Ceyhan port, the price of one barrel of Azeri Light increased by $0.66, or 0.7%, to $93.7.

Azerbaijan's state budget for this year is based on an average oil price of $65 per barrel.

Azeri Light's lowest recorded price was $15.81 per barrel on April 21, 2020, while its highest price was $149.66 in July 2008.

Azeri Light is produced from the Azeri-Chirag-Gunashli (ACG) field block under the production-sharing agreement for its development. The State Oil Company of Azerbaijan (SOCAR) holds a 35.3% stake in the agreement.