Azeri Light crude drops nearly $8 amid market selloff

The price of Azeri Light crude fell by $7.96, or 9.94%, to $72.12 per barrel on global markets, according to market sources said.

At Turkey’s Ceyhan port, the FOB price for Azeri Light decreased by $7.92, or 10.98%, to $70.8 per barrel.

Brent crude August futures settled at $69.12 per barrel.

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