Baku: The price of Azeri Light crude oil increased by $1.83, or 1.9 percent, to settle at $100.56 per barrel on Thursday. This marks a significant rise in the pricing of this key export commodity for Azerbaijan.

According to Azerbaijan State News Agency, the current price surge reflects market dynamics and fluctuating global demand. The all-time low for Azeri Light was $15.81 per barrel on April 21, 2020, during a period of decreased global demand. Conversely, the record high was $149.66 per barrel in July 2008, highlighting the volatility in the oil markets over the years.

The recent increase is indicative of ongoing shifts in energy markets, influencing economic strategies and fiscal policies in oil-exporting nations such as Azerbaijan.