Azeri Light Crude Drops to $122.28 per Barrel

The price of Azerbaijan's flagship Azeri Light crude oil fell by $3.14, or 2.5%, to settle at $122.28 per barrel on global commodity markets. Concurrently, December delivery futures for benchmark Brent crude closed at $114.82 per barrel.

On a FOB basis at the Turkish port of Ceyhan, Azeri Light retreated by $2.74, or 2.38%, down to $112.38 per barrel. Azerbaijan's state budget for 2026 is calculated based on an average oil price of $65 per barrel. Historically, Azeri Light hit its record low of $15.81 on April 21, 2020, while reaching an all-time high of $149.66 in July 2008. The crude is produced from the Azeri-Chirag-Gunashli (ACG) offshore field block, where the State Oil Company of Azerbaijan Republic (SOCAR) holds a 35.3% participating interest.

N. Tebrizli