Azeri Light crude falls over 2% to $74 amid global price drop

The price of Azeri Light crude oil fell by $1.53, or 2.02%, to $74.06 per barrel on global markets, according to market sources.

On a FOB basis at Turkey’s Ceyhan port, the price of Azeri Light dropped by $1.51, or 2.03%, to $72.86 per barrel.

September futures for Brent crude were trading at $71.46 per barrel.

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

Azeri Light hit its lowest price on April 21, 2020, at $15.81, and its record high in July 2008 at $149.66. The oil is primarily produced from the Azeri-Chirag-Gunashli (ACG) field, where SOCAR holds a 31.65% stake.

N.Tebrizli