Azerbaijani Oil rebounds on world market

The price of 1 barrel of Azerbaijani "Azeri Light" oil has surged by $0.9, or 1.2%, reaching $77.01 on the world market, Azernews reports.

Meanwhile, the price of November futures for Brent crude rose to $73.35. For Azerbaijan, the state budget this year had calculated the average price of oil at $75 per barrel, indicating that the current market price is favorable for the country.

It’s noteworthy that "Azeri Light" saw its lowest price at $15.81 per barrel in April 2020, with its record high reaching $149.66 in July 2008. The bulk of Azerbaijan's oil is produced from the Azeri-Chirag-Gunashli (ACG) field block, where the State Oil Company of Azerbaijan (SOCAR) holds a 25% stake in the agreement.