Azerbaijan’s Azeri Light Crude Surges 1.15%, Exceeding $70

The price of Azerbaijan's Azeri Light crude oil rose by $0.80 (1.15 per cent) on the global market on September 2, reaching $70.54 per barrel.

On the same day, October Brent crude futures closed at $68.91 per barrel, The Caspian Post reports via local media.

In Ceyhan, Türkiye, the FOB price of Azerbaijani oil increased by $0.82 (1.2 per cent), reaching $68.24 per barrel.

For reference, Azerbaijan’s 2025 state budget is based on an oil price of $70 per barrel. Historically, Azeri Light recorded a low of $15.81 on April 21, 2020, and a high of $149.66 in July 2008.

In Azerbaijan, oil production is primarily carried out under the Azeri-Chirag-Gunashli (ACG) block development agreement, in which the State Oil Company of the Azerbaijan Republic (SOCAR) holds a 31.65 per cent stake.