The price of Azerbaijan’s Azeri Light crude oil has edged lower on the global market, falling by $0.78, or 0.74%, to $104.20 per barrel.

Meanwhile, November Brent crude futures settled at $100.84 per barrel following trading, according to Report.

The price of Azerbaijani oil on FOB terms at Türkiye’s Ceyhan port also declined, dropping by $1.14, or 1.11%, to $101.05 per barrel.

Despite the latest decline, Azeri Light remains well above the oil price benchmark used in Azerbaijan’s state budget. The country’s 2026 state budget is based on an oil price of $65 per barrel.

Azeri Light hit its lowest recorded price of $15.81 per barrel on April 21, 2020, while its historical peak of $149.66 was reached in July 2008.

Azerbaijan produces most of its crude oil through the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The State Oil Company of the Azerbaijan Republic (SOCAR) holds a 35.3% stake in the contract.