Azeri oil tops $68 a barrel

The price of Azerbaijan’s Azeri Light crude rose by $0.83, or 1.23%, to $68.31 a barrel on world markets, a source in the oil trade told Report on Tuesday.

Brent crude futures for November delivery stood at $66.42 a barrel after trading.

At Turkey’s Ceyhan port, the FOB price of Azeri Light gained $0.83, or 1.25%, to $66.84 a barrel.

Azerbaijan’s 2025 state budget is based on an average oil price of $70 per barrel. Azeri Light hit a record low of $15.81 on April 21, 2020, and a record high of $149.66 in July 2008. Oil in Azerbaijan is mainly produced under the Azeri–Chirag–Gunashli (ACG) contract, in which state oil company SOCAR holds a 31.65% stake.