Azeri Light crude rises above $71 per barrel

The price of Azerbaijan’s Azeri Light crude rose by $0.71, or 1%, to $71.25 per barrel on global markets, sources told Report.

October futures for Brent crude stood at $69.43 per barrel. At Turkey’s Ceyhan port, FOB basis, Azeri Light traded at $69.76 per barrel, up $0.70 or 1.01%.

Azerbaijan’s 2025 state budget is based on an average oil price of $70 per barrel. Azeri Light hit its lowest level at $15.81 on April 21, 2020, and its record high of $149.66 in July 2008.