Azerbaijani oil price drops below $68

The price of one barrel of Azerbaijan's Azeri Light crude fell by $1.34, or 1.95%, to $67.21 on the global market, Report news agency said, citing an oil market source.

June futures for Brent crude were trading at $65.68 per barrel.

The price of Azeri Light oil at Turkey’s Ceyhan terminal under FOB terms dropped by $1.35, or 2.02%, to $65.47 per barrel.

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

The lowest price for Azeri Light was recorded on April 21, 2020, at $15.81 per barrel, and the highest was in July 2008 at $149.66.

Oil production in Azerbaijan is primarily carried out under the development agreement of the Azeri-Chirag-Gunashli (ACG) fields. SOCAR holds a 31.65% share in the project.