Baku: The price of Azeri Light crude oil experienced an increase of $3.11, or 2.98 percent, reaching $107.31 per barrel on Tuesday. This marks a significant rise in the market value of Azerbaijani oil, which is closely monitored by industry stakeholders.
According to Azerbaijan State News Agency, the current price uplift highlights a positive trend for Azeri Light, which has seen considerable fluctuations over the years. The all-time low for Azeri Light was $15.81 per barrel on April 21, 2020, a stark contrast to its record high of $149.66 per barrel in July 2008. The recent increase reflects changing market dynamics and potential shifts in global oil demand.