Azeri Light crude dips slightly but stays near record highs

The price of Azerbaijan's Azeri Light crude oil fell by $1, or 0.7%, to $140.68 per barrel on global markets.

Following trading results, June futures for Brent crude were priced at $144.42 per barrel.

At Türkiye's Ceyhan port, the FOB price for Azeri Light declined by $0.57, or 0.42%, to $134.58 per barrel.

Azerbaijan's state budget for this year is based on an average oil price of $65 per barrel, significantly below current market levels.

Historically, Azeri Light reached its lowest price on April 21, 2020, at $15.81 per barrel, while its peak was recorded in July 2008 at $149.66 per barrel.

The crude is produced under the Azeri-Chirag-Gunashli (ACG) field development agreement, in which the State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake.