The price of Azerbaijani Azeri Light crude on the global market rose by $0.10, or 0.15%, to $65.67 per barrel.

Axar.az reports that a source in the oil market said that at the close of trading, March futures for Brent crude were priced at $62.51 per barrel.

At Turkiye"s Ceyhan port, the FOB price of Azeri Light increased by $0.09, or 0.14%, to $63.66 per barrel.

In Azerbaijan's state budget for this year, the oil price is set at $70 per barrel.

For reference, the minimum price for Azeri Light was recorded on April 21, 2020, at $15.81 per barrel, while the maximum price was reached in July 2008, at $149.66 per barrel.

Oil production in Azerbaijan is carried out mainly under the agreement for the development of the Azeri–Chirag–Gunashli (ACG) oilfields. The State Oil Company of Azerbaijan (SOCAR) holds a 31.655% stake in the contract.