Azeri Light crude nears $72 as global oil prices rise

The price of Azerbaijan’s Azeri Light crude rose by $1.06, or 1.5%, to $71.85 per barrel in global trading, a market source told.

At Turkey’s Ceyhan port, the FOB price for Azeri Light climbed by $1.10, or 1.58%, reaching $70.60 per barrel.

Brent crude August futures were trading at $69.60 per barrel in London.

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

Azeri Light crude hit its lowest price on April 21, 2020, at $15.81 and reached a record high of $149.66 in July 2008. The oil is mainly produced under the Azeri-Chirag-Gunashli (ACG) field development agreement, in which SOCAR holds a 31.65% stake.

N.Tebrizli