Azerbaijani oil price drops to $66 per barrel

The price of one barrel of Azerbaijan’s Azeri Light crude fell by $0.95, or 1.42 %, to $66 on global markets, market sources told Report.

February futures for Brent crude traded at $63.77 per barrel.

At Turkey’s Ceyhan port, the FOB price of Azeri Light decreased by $0.98 (1.51 %) to $64.07 per barrel.

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

The lowest recorded price for Azeri Light was $15.81 on 21 April 2020, while the historical peak was $149.66 in July 2008. The crude is produced from the ACG block, in which SOCAR holds a 31.65 % stake.