Azerbaijani oil continues to decline

The price of one barrel of Azerbaijani "Azeri Light" crude oil on the world market has decreased by $0.26, or 0.32%, to $80.08.

According to auction results, the price of August futures for Brent crude stood at $77.66.

At Turkey’s Ceyhan port (FOB basis), the price of a barrel of "Azeri Light" dropped by $0.24, or 0.3%, to $78.72.

In Azerbaijan’s 2025 state budget, the average oil price is projected at $70 per barrel.

For reference, the lowest recorded price of "Azeri Light" was $15.81 on April 21, 2020, and the highest was $149.66 in July 2008. Azerbaijani oil is mainly extracted from the “Azeri-Chirag-Gunashli” (ACG) block, where SOCAR holds a 31.65% stake.

N.Tebrizli