Azeri Light crude drops over 4% to $116.83

Azeri Light crude drops over 4% to $116.83

The global price of Azerbaijan's Azeri Light crude dropped by $5.54, or 4.53%, settling at $116.83 a barrel.

At the close of trading, November futures for benchmark Brent crude stood at $118.41 a barrel. On an FOB basis at the Turkish port of Ceyhan, Azeri Light declined by $6.21, or 5.34%, to $110.09 a barrel.

Azerbaijan's 2026 state budget is calculated on an assumed base oil price of $65 per barrel. Azeri Light is extracted under the development contract for the Azeri-Chirag-Gunashli (ACG) offshore fields, where the State Oil Company of Azerbaijan (SOCAR) holds a 35.3% participating interest.

N. Tebrizli

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