The price of one barrel of Azeri Light Azerbaijani oil on the global market has increased by $1.47, or 0.85%, reaching $80.87, Azernews reports.

Recent auction results indicate that the price for October futures of Brent crude oil is $79.02 per barrel.

Azerbaijan's state budget for this year estimates the average oil price at $75 per barrel.

Notably, the lowest price ever recorded for Azeri Light oil was $15.81 on April 21, 2020, while its peak was $149.66 in July 2008.

Oil production in Azerbaijan primarily occurs under the "Azeri-Chirag-Gunashli" (ACG) field development agreement, in which the State Oil Company of Azerbaijan (SOCAR) holds a 25% stake.