Price of Azerbaijani oil exceeds $62 per barrel

The price of one barrel of Azeri Light crude rose by $0.57, or 0.92%, to $62.4 on global markets, according to a source in the oil sector quoted by Report.

December futures for Brent crude traded at $61.09 per barrel.

At Turkey’s Ceyhan port, the FOB price for Azeri Light increased by $0.53, or 0.88%, reaching $60.44 per barrel.

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

Azeri Light recorded its lowest price on April 21, 2020 — $15.81 per barrel — and its all-time high in July 2008 at $149.66 per barrel.

The country’s crude is mainly produced from the Azeri-Chirag-Gunashli (ACG) field, in which SOCAR holds a 31.65% share.