Azerbaijan oil rises by more than $2

The price of Azerbaijan’s “Azeri Light” crude increased by $2.03, or 2.94%, to $70.95 per barrel on global markets, market sources said.

Brent crude futures for April delivery were trading at $71.47 per barrel.

At Turkey’s Ceyhan port, the FOB price of Azeri Light rose by $2.01, or 3.03%, to $68.29 per barrel.

Azerbaijan’s 2026 state budget is based on an average oil price of $65 per barrel.

Azeri Light’s record low was $15.81 on April 21, 2020, while its peak reached $149.66 in July 2008. The crude is produced under the Azeri–Chirag–Gunashli (ACG) block development agreement, in which SOCAR holds a 31.65% stake.

N.Tebrizli