Azerbaijan’s oil price climbs above $73 per barrel

The price of Azerbaijan’s Azeri Light crude rose above $73 per barrel on global markets.

According to a market source cited by Report, Azeri Light gained $1.11, or 1.54%, to reach $73.31 per barrel.

April futures for Brent crude settled at $72.77 per barrel.

On an FOB basis at Turkey’s Ceyhan port, Azeri Light increased by $1.12, or 1.61%, to $70.67 per barrel.

Azerbaijan’s 2026 state budget is based on an average oil price of $65 per barrel.

The lowest recorded price for Azeri Light was $15.81 on April 21, 2020, while its highest level was $149.66 in July 2008. The crude is produced from the Azeri-Chirag-Gunashli oilfields block, where SOCAR holds a 31.65% stake under the production sharing agreement.