Azerbaijan's Azeri Light Crude Slips Nearly 3%, Drops to $67.48 per Barrel

The price of Azerbaijan's Azeri Light crude oil dropped by $1.99, or 2.86 per cent, settling at $67.48 per barrel on global markets.

At the same time, Brent crude futures for November delivery closed at $65.36 per barrel, reflecting ongoing volatility in international oil prices, The Caspian Post reports via local media.

Azeri Light crude exported via Türkiye’s Ceyhan port under FOB (Free on Board) terms also declined by $1.99, or 2.93 per cent, reaching $66.01 per barrel.

The decline brings the price of Azeri Light below Azerbaijan’s 2025 state budget benchmark, which is based on an average oil price of $70 per barrel.

Azeri Light's lowest historical price was recorded on April 21, 2020, at $15.81 per barrel, during the global oil crash triggered by the COVID-19 pandemic. Its highest price reached $149.66 in July 2008, amid a global commodities boom.

Oil production in Azerbaijan is centered around the Azeri-Chirag-Gunashli (ACG) field, a major offshore block in the Caspian Sea. The State Oil Company of the Azerbaijan Republic (SOCAR) currently holds a 31.65 per cent stake in the ACG consortium.