Azerbaijani oil price drops 2%

The price of a barrel of Azerbaijan's Azeri Light crude fell by 2% to $68.47 in global markets, a source in the oil market told Anews.az.

According to trading data, the price of Brent crude for August futures stood at $66.52 per barrel.

At Turkey’s Ceyhan port, the FOB price of Azeri Light crude dropped by 2.08% to $67.13 per barrel.

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

The lowest recorded price for Azeri Light crude was $15.81 per barrel on April 21, 2020, while the highest was $149.66 per barrel in July 2008. Azerbaijani oil is primarily produced under the Azeri-Chirag-Gunashli (ACG) block development contract, where the State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake.