Azeri Light climbs 3.17% to settle above $126 per barrel
Azerbaijan's benchmark Azeri Light crude advanced $3.88, or 3.17%, reaching $126.16 per barrel, far exceeding the $65 oil price built into the country's state budget.
Loaded free-on-board at Türkiye’s Ceyhan terminal, Azeri Light added $4.1, or 3.65%, closing at $116.48 a barrel. Brent crude for December delivery, the global reference grade, finished the trading session at $118.76 a barrel.
These figures still sit well below the grade’s historical peaks and troughs. The crude bottomed out at $15.81 a barrel on April 21, 2020, and reached its highest-ever mark of $149.66 in July 2008.
Output of Azeri Light comes from the Azeri-Chirag-Gunashli (ACG) offshore project, where Azerbaijan’s national oil company SOCAR owns a 35.3% interest under the governing development agreement.
Meanwhile, weekly data covering October 26-30 pointed to broadly higher average prices: the CIF Azeri Light benchmark averaged $124.79 a barrel, up 2.9% from the prior week, and the FOB Ceyhan price climbed 3.7% to average $114.50. Urals crude posted a 2.5% weekly rise to average $91.71, while Dated Brent eased 0.5% to an average of $120.34 a barrel for the period.
Why it matters for markets: Movements in the Azeri Light price have a direct bearing on revenue and currency conditions for oil-exporting economies, and parallel shifts in Brent and Urals shape global energy costs, inflation outlooks and commodity-sensitive currency pairs closely watched by traders.
Sources: Report.az (business); Trend (business)