Price of Azerbaijani oil nears $80 per barrel

The price of one barrel of Azerbaijan’s Azeri Light crude rose by $3.79, or 5%, to $79.58 on global markets, according to sources in the oil trading industry.

At Turkey’s Ceyhan port, the price of Azeri Light on a FOB basis increased by $3.79, or 5.09%, to $78.25 per barrel.

Meanwhile, August futures for Brent crude stood at $77.47 per barrel at the close of the latest trading session.

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

The lowest recorded price for Azeri Light was $15.81 in April 2020, while the highest was $149.66 in July 2008. Azerbaijan primarily produces oil from the Azeri-Chirag-Gunashli (ACG) fields, in which the State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake.