Azerbaijan’s Azeri Light crude gains $1.46 as global oil prices recover

The price of Azerbaijan’s benchmark Azeri Light crude oil rose by $1.46, or 2.27%, to settle at $65.71 per barrel on Tuesday, market sources said.

The uptick in the Caspian grade followed a broader rally in global energy markets, where Brent crude futures climbed above the $62 mark on Monday amid renewed supply concerns and geopolitical risks in the Middle East.

Azeri Light, typically traded on a CIF (cost, insurance, and freight) basis in the Italian port of Augusta, maintains a premium over the North Sea benchmark due to its high-quality, low-sulfur characteristics.

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

While current prices hover slightly below this threshold, officials at the State Oil Fund (SOFAZ) monitor volatility closely, as oil exports remain the primary source of foreign currency for the South Caucasus nation.

N.Tebrizli