Azeri Light oil price nears $74

The price of Azeri Light crude oil rose to $73.61 per barrel in global markets, marking an increase of $1.09 or 1.51% compared to the previous day.

According to sources, the FOB price at Turkey’s Ceyhan port reached $72.33 per barrel, up by $1.12 or 1.58%.

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

On the London exchange, Brent crude September futures were priced at $69.85.

Azeri Light reached its all-time low of $15.81 per barrel on April 21, 2020, and a historic high of $149.66 in July 2008. The grade is primarily produced from the Azeri–Chirag–Gunashli block, where SOCAR holds a 31.65% stake.