Azeri oil price rises above $82 per barrel

The price of one barrel of Azerbaijan’s Azeri Light crude rose by 4.3% to $82.58 on the global market, market sources told  on Thursday.

On an FOB basis at Turkey’s Ceyhan port, Azeri Light was priced at $81.20 per barrel, up 4.38%.

August futures for Brent crude settled at $80.44 per barrel.

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

Azeri Light crude hit its lowest price on April 21, 2020, at $15.81, and its highest in July 2008 at $149.66. Most of Azerbaijan’s oil is produced under the Azeri-Chirag-Gunashli (ACG) block, where SOCAR holds a 31.65% stake.