Azerbaijani oil edges lower

The price of one barrel of Azerbaijani crude Azeri Light fell by $0.08, or 0.12%, to $66.28 on the global market.

December futures for Brent crude settled at $64.26 per barrel. At Turkey’s Ceyhan port, the FOB price of Azeri Light decreased by $0.09, or 0.14%, to $64.64.

Azerbaijan’s 2025 state budget is based on an average oil price of $70 per barrel. Azeri Light reached its lowest level on April 21, 2020, at $15.81, and its peak in July 2008 at $149.66. Oil is mainly produced from the Azeri-Chirag-Guneshli (ACG) block of fields, where state oil company SOCAR holds a 31.65% stake.