Azerbaijan’s Azeri Light Crude Price Slides Amid Market Fluctuations

The price of Azerbaijan’s Azeri Light crude oil has declined on the global market, dropping by $0.43 (0.62 per cent) to settle at $69.30 per barrel.

At the close of trading, October futures for Brent crude were priced at $67.44, The Caspian Post reports via local media.

In addition, the price of Azeri Light crude at Türkiye’s Ceyhan terminal, under FOB conditions, decreased by $0.40 (0.59 per cent), reaching $67.76 per barrel.

For reference, Azerbaijan’s state budget for 2025 is based on an assumed oil price of $70 per barrel.

The lowest historical price for Azeri Light was recorded on April 21, 2020, at $15.81, while the peak price of $149.66 was reached in July 2008.

Most of Azerbaijan’s crude oil is extracted under the Azeri-Chirag-Gunashli (ACG) oil field development agreement, where the State Oil Company of the Azerbaijan Republic (SOCAR) holds a 31.65 per cent stake.