Azeri Light crude nears $118 per barrel

The price of Azerbaijan's Azeri Light crude rose by $0.91, or 0.78%, to $117.74 per barrel on the global market, a source in the oil market told.

Brent crude futures for November delivery settled at $116.43 per barrel.

At Türkiye's Ceyhan port, Azeri Light crude on a Free on Board (FOB) basis gained $0.92, or 0.83%, to $111.01 per barrel.

Azerbaijan's 2026 state budget is based on an average oil price of $65 per barrel.

Azeri Light recorded its lowest price of $15.81 per barrel on April 21, 2020, and its highest price of $149.66 in July 2008.

Azeri Light is produced under the development agreement for the Azeri-Chirag-Gunashli (ACG) block of fields, in which the State Oil Company of Azerbaijan (SOCAR) holds a 35.3% stake.