Azeri Light crude surges past $121 per barrel

The price of Azerbaijan’s benchmark Azeri Light crude rose by $3.69, or 3.13%, to settle at $121.43 per barrel on global markets. Market trading also saw November futures for international benchmark Brent settle at $119.43 per barrel. On a Free on Board (FOB) basis at the Turkish port of Ceyhan, Azeri Light added $3.71, or 3.34%, reaching $114.72 per barrel.

The current price trades significantly above the conservative $65-per-barrel baseline assumed in Azerbaijan’s 2026 state budget. Historically, Azeri Light plunged to an all-time low of $15.81 per barrel on April 21, 2020, while reaching a record high of $149.66 in July 2008. The grade is produced primarily under the production sharing agreement for the offshore Azeri-Chirag-Gunashli (ACG) field complex, in which the State Oil Company of Azerbaijan Republic (SOCAR) holds a 35.3% participating interest.

N.Tebrizli