The price of Azerbaijan’s benchmark crude oil, Azeri Light, fell by $0.51, or 0.68%, dropping to $74.17 per barrel on the global market, according to industry sources cited by Report.
At Turkey’s Ceyhan port, where Azeri Light is exported on a FOB (Free on Board) basis, the price declined to $72.92 per barrel, marking a 0.69% decrease.
In comparison, Brent crude futures for September delivery settled at $70.73 per barrel, reflecting broader softness across global oil markets.
For context, Azerbaijan’s 2025 state budget is based on an average oil price of $70 per barrel, meaning current prices remain above forecasted levels — but with narrowing margins.
Historically, the lowest recorded price for Azeri Light was $15.81 on April 21, 2020, during the pandemic-driven market crash, while the highest was $149.66 in July 2008.
Azeri Light is primarily produced under the long-term Azeri–Chirag–Gunashli (ACG) oil field development agreement. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake in the consortium operating the field.
