Price of Azerbaijani oil falls below $71

The price of one barrel of Azerbaijani Azeri Light crude has dropped to $70.59 on the global market, down by $0.78 or 1.09%, according to a source in the oil market.

At Turkey’s Ceyhan port (FOB basis), Azeri Light fell by 1.11% to $69.17 per barrel.

For comparison, October futures for Brent crude are trading at $70.84 per barrel.

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

For reference, Azeri Light hit its lowest price on April 21, 2020 — $15.81, and its highest price in July 2008 — $149.66.

Azerbaijan mainly produces oil from the Azeri–Chirag–Gunashli (ACG) block. SOCAR, the State Oil Company of Azerbaijan, holds a 31.65% stake in the project.

N.Tebrizli