Azerbaijani oil continues to decline in price

The price of Azerbaijani Azeri Light crude oil on the world market fell by 2.3%, settling at $72.36 per barrel, source in the oil market said to Anews.

At Turkey’s Ceyhan port on FOB basis, a barrel of Azeri Light dropped by $1.75 to $71.11, marking a 2.4% decrease.

Brent crude September futures traded at $70.01 per barrel.

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

For reference, Azeri Light hit its lowest price on April 21, 2020, at $15.81 per barrel, while the record high was $149.66 in July 2008. Azerbaijani oil is primarily extracted from the Azeri-Chirag-Gunashli (ACG) field block, in which the State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake.