Azerbaijani oil edges lower as Brent trades above $111

The price of Azerbaijan’s Azeri Light crude oil fell slightly on global markets on Thursday, declining by $0.41, or 0.35%, to $115.52 per barrel, according to market sources.

At Türkiye’s Ceyhan port, the FOB price for Azeri Light crude decreased by $0.31, or 0.27%, to $112.99 per barrel.

July Brent crude futures traded at $111.2 per barrel following recent volatility linked to tensions in the Middle East and uncertainty over global supply expectations.

Azerbaijan’s 2026 state budget is based on an average oil price of $65 per barrel. Azeri Light crude is produced under the Azeri-Chirag-Gunashli (ACG) oilfield development agreement, in which SOCAR holds a 31.65% stake.