Azeri Light Oil Rises to $65.67 per Barrel on Global Market

The price of Azeri Light crude oil increased by $0.10, or 0.15 per cent, to $65.67 per barrel on the global market.

March Brent futures closed at $62.51 per barrel. In the Turkish port of Ceyhan, the FOB price for Azeri Light rose by $0.09, or 0.14 per cent, to $63.66 per barrel, The Caspian Post reports via local media.

For 2025, Azerbaijan’s state budget was based on an oil price of $70 per barrel. Historically, Azeri Light hit its lowest price on April 21, 2020, at $15.81, and its highest in July 2008 at $149.66.

Most of Azerbaijan’s oil is produced under the Azeri-Chirag-Gunashli (ACG) block development agreement, with the State Oil Company of the Azerbaijan Republic (SOCAR) holding a 31.655 per cent stake in the contract.