Azeri Light crude inches up to $70.79 per barrel

The price of Azerbaijan's Azeri Light crude rose slightly on global markets, increasing by $0.63, or 0.9%, to $70.79 per barrel, according to market sources.

August futures for Brent crude settled at $68.85 per barrel.

At Turkey’s Ceyhan port, the FOB price for Azeri Light rose by $0.66, or 0.96%, to $69.50 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 was $15.81 on April 21, 2020, while the highest was $149.66 in July 2008. The crude is primarily extracted under the Azeri-Chirag-Gunashli (ACG) production sharing agreement, in which state oil company SOCAR holds a 31.65% stake.

N.Tebrizli