Azerbaijan’s Azeri Light Crude Gains $0.58 on Global Market

The price of Azerbaijan’s Azeri Light crude oil rose by $0.58, or 0.84 per cent, to $69.48 per barrel on the global market.

On the same day, October Brent futures closed at $68.13 per barrel. In Ceyhan, Türkiye, the FOB price of Azeri Light increased by $0.58, or 0.86 per cent, reaching $67.94 per barrel, The Caspian Post reports via local media.

Azerbaijan’s 2025 state budget was drafted based on an assumed oil price of $70 per barrel. Historically, the lowest recorded price for Azeri Light was $15.81 per barrel on April 21, 2020, while the highest reached $149.66 per barrel in July 2008.

Oil production in Azerbaijan is mainly 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.