Azeri oil price drops to $68 as global market softens

The price of Azerbaijan’s Azeri LT CIF crude fell by $1.50, or 2.15%, to $68.14 per barrel on global markets.

June futures for Brent crude were trading at $66.68.

On a Free on Board (FOB) basis at Türkiye’s Ceyhan port, Azeri LT crude declined by $1.49, or 2.19%, to $66.53 per barrel.

Azerbaijan’s 2025 state budget is based on an average oil price of $70 per barrel.

The lowest recorded price for Azeri Light was $15.81 on April 21, 2020, while the all-time high of $149.66 was reached in July 2008.

N.Tebrizli