Azeri Light crude edges lower

The price of Azerbaijan’s Azeri Light crude fell by $0.09, or 0.14%, to $65.23 per barrel on global markets, according to market sources. February Brent futures were trading at $62.58 per barrel.

At Turkey’s Ceyhan port, Azeri Light FOB also declined by $0.09 (0.14%) to $63.31 per barrel.

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

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