In the global market, the price of a barrel of Azerbaijani oil branded "Azeri Light" has increased by $3.24, or 4.41%, reaching $76.77, Azernews reports.

According to auction results, the price for Brent crude oil futures for November is $72.31.

The average price of a barrel of oil in Azerbaijan's state budget for this year is projected to be $75.

For reference, the lowest price for "Azeri Light" oil was recorded on April 21, 2020, at $15.81, while the highest price was in July 2008, at $149.66. In Azerbaijan, oil is primarily produced under the contract for the development of the "Azeri-Chirag-Guneshli" (ACG) fields. The contract includes a 25% stake for the State Oil Company of Azerbaijan (SOCAR).