Azeri oil price drops below $68 per barrel

The price of Azerbaijan’s Azeri Light crude fell by $0.49, or 0.72%, to $67.65 per barrel on global markets, a source in the oil market said.

June futures for Brent crude settled at $66.19 per barrel.

The FOB price of Azeri Light at Türkiye’s Ceyhan port dropped by $0.44, or 0.66%, to $66.09 per barrel.

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

The lowest recorded price for Azeri Light was $15.81 on April 21, 2020, and the all-time high was $149.66 in July 2008.

Azerbaijan’s oil production is mainly carried out under the Azeri-Chirag-Gunashli (ACG) field agreement, with SOCAR holding a 31.65% stake in the project.