Global Market Sees Slight Uptick in Azerbaijan’s Azeri Light Oil

The price of Azerbaijani Azeri Light crude oil rose by $0.32, or 0.46 per cent, to $69.02 per barrel on the global market.

Meanwhile, November Brent crude futures closed at $67.14 per barrel, The Caspian Post informs via local media.

At Türkiye’s Ceyhan port, Azeri Light oil under FOB terms increased by $0.32, or 0.47 per cent, reaching $67.55 per barrel.

Azerbaijan’s 2025 state budget has been calculated based on an oil price of $70 per barrel. Historically, Azeri Light crude reached its lowest level on April 21, 2020 ($15.81 per barrel) and its highest in July 2008 ($149.66 per barrel).

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