Azeri Light crude oil rises above 120 dollars per barrel

Azerbaijani Azeri Light crude oil has surged past $120 per barrel. It rose by $4.91 to $122.7, according to media reports.

May Brent crude futures closed the trading session at $117.44.

Export prices for shipments from Türkiye's Ceyhan terminal on a FOB basis also rose, increasing by $4.83 to $118.78 per barrel.

The previous price for Azeri Light stood at $117.79.

Azerbaijan's state budget for this year projects an oil price of $65 per barrel.

The all-time high for Azeri Light was recorded in the summer of 2008, when it peaked at $149.66 per barrel. Its lowest level was $15.81 on April 21, 2020.