Azerbaijan’s oil continues to decline

The price of Azerbaijan’s Azeri Light crude fell by $0.68 or 1.03% to $65.32 per barrel on global markets, oil market sources said.

February Brent futures traded at $62.82 per barrel.

At Turkey’s Ceyhan port, Azeri Light fell by $0.67 or 1.04% to $63.40 per barrel on an FOB basis.

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

The historical low for Azeri Light was $15.81 on April 21, 2020, while the record high of $149.66 was recorded in July 2008. The crude is produced under the ACG contract area, where SOCAR holds a 31.65% stake.

N.Tebrizli