Azeri Light crude edges higher

The price of Azeri Light crude rose by $0.21, or 0.3%, to $68.34 a barrel on the world market, a market source told .

Brent crude for October delivery traded at $67.32 a barrel. At Turkey’s Ceyhan port, the FOB price of Azeri Light increased by $0.22, or 0.33%, to $66.83 a barrel.

Azerbaijan’s 2025 state budget is based on an average oil price of $70 a barrel. Azeri Light’s record low was $15.81 in April 2020, while its peak was $149.66 in July 2008. Oil in Azerbaijan is mainly produced under the Azeri–Chirag–Gunashli (ACG) contract, in which state oil company SOCAR holds a 31.65% stake.

N.Tebrizli