Azerbaijan’s Azeri Light Crude Dips to $69.31 Amid Global Market Movements

The price of Azerbaijani Azeri Light crude oil slipped by $0.30, or 0.43 per cent, to $69.31 per barrel on the global market.

By the close of trading, October futures for Brent crude stood at $67.45 per barrel. In the Turkish port of Ceyhan, Azeri Light crude under FOB terms decreased by $0.29, or 0.42 per cent, to $67.81 per barrel, The Caspian Post reports via local media.

Azerbaijan’s state budget for 2025 is based on an oil price of $70 per barrel. Historically, the lowest price for Azeri Light was recorded on April 21, 2020, at $15.81 per barrel, while the highest reached $149.66 in July 2008.

Oil production in Azerbaijan is primarily carried out under the Azeri-Chirag-Gunashli (ACG) field development agreement, with the State Oil Company of Azerbaijan (SOCAR) holding a 31.65 per cent share in the project.