Azeri Light crude drops below $76 per barrel

The price of Azerbaijan’s Azeri Light crude fell by $1.85, or 2.38%, to $75.79 per barrel on global markets,the sources in market said.

August futures for Brent crude settled at $73.63 per barrel in international trading.

At Turkey’s Ceyhan port, the FOB price of Azeri Light declined by $1.93 (2.53%) to $74.46 per barrel.

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

Azeri Light hit its lowest price of $15.81 on April 21, 2020, and its highest at $149.66 in July 2008. Most Azerbaijani oil is produced from the Azeri–Chirag–Gunashli (ACG) field block, where SOCAR holds a 31.65% stake.