Azeri crude continues downward trend, falls below budget benchmark

 The price of Azerbaijan's flagship crude oil, Azeri Light, continued to decline on global markets, dropping by $0.73, or 1.08%, to settle at $66.72 per barrel, industry sources told Report.

In FOB terms at Turkey’s Ceyhan port, Azeri Light was priced at $65.18 per barrel, down $0.71 or 1.08%.

Brent crude October futures stood at $66.91 per barrel at the close of trading.

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

Azeri Light hit its lowest historical price of $15.81 on April 21, 2020, and its peak at $149.66 in July 2008.

The majority of Azerbaijan’s oil is produced under the Azeri-Chirag-Guneshli (ACG) production-sharing agreement. The State Oil Company of Azerbaijan Republic (SOCAR) holds a 31.65% stake in the ACG project.