Price of Azerbaijani oil rises above $73 per barrel

The price of Azerbaijani oil benchmark Azeri Light rose by $1.28, or 1.77%, to $73.45 per barrel on global markets, a market source told Report.

On an FOB basis at Turkey’s Ceyhan port, Azeri Light was priced at $72.20 per barrel, up $1.25, or 1.76%.

August futures for Brent crude were trading at $70.85 per barrel.

Azerbaijan’s 2025 state budget is based on an average oil price of $70 per barrel, making current market prices higher than forecast.

Azeri Light reached its all-time low of $15.81 on April 21, 2020, and peaked at $149.66 in July 2008.

Most of Azerbaijan’s crude is produced under the Azeri–Chirag–Gunashli (ACG) block development agreement, in which state oil company SOCAR holds a 31.65% stake.