Azerbaijani Azeri Light Crude Sees Moderate Price Decline

The global price for a barrel of Azerbaijani "Azeri Light" crude oil declined by $0.51, or 0.68 per cent, settling at $74.17 per barrel.

Meanwhile, September futures for Brent crude oil were traded at $70.73 per barrel, reflecting ongoing fluctuations in the international oil market, The Caspian Post reports via local media.

At the Turkish port terminal in Ceyhan, the FOB price of "Azeri Light" crude also dropped by $0.51, or 0.69 per cent, to $72.92 per barrel.

Azerbaijan’s state budget for 2025 was planned around an average oil price of $70 per barrel, highlighting the significance of current market prices for the country’s economic planning.

Historically, the price of "Azeri Light" crude hit its lowest point on April 21, 2020, at $15.81 per barrel during the height of the global market downturn, while the highest recorded price reached $149.66 per barrel in July 2008.

The majority of Azerbaijan’s oil production comes from the Azeri-Chirag-Gunashli (ACG) oil field development project, where the State Oil Company of Azerbaijan Republic (SOCAR) holds a 31.65 per cent stake.