Azeri Light Crude Rises Over 2% on Global Markets, Trading Near $73 per Barrel

The price of Azerbaijan’s Azeri Light crude oil rose by $1.83, or 2.58%, to $72.78 per barrel on international markets.

According to the latest auction results, Brent crude oil April futures were priced at $72.76 per barrel.

On the FOB basis at Ceyhan port, Azeri Light crude gained $1.84, or 2.69%, reaching $70.13 per barrel.

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

Historically, Azeri Light hit a record low of $15.81 per barrel on April 21, 2020, and a record high of $149.66 in July 2008. The crude is produced under the Azeri-Chirag-Gunashli (ACG) Production Sharing Agreement, with SOCAR holding a 31.65% stake in the project.