Azeri Light crude drops below $128 per barrel

The price of Azerbaijan's Azeri Light crude fell by $3.75, or 2.85%, to $127.87 per barrel on the global market, a source in the oil market told Report.

Brent crude futures for December delivery settled at $130.52 per barrel.

At Türkiye's Ceyhan port, Azeri Light crude on a Free on Board (FOB) basis dropped by $4.19, or 3.47%, to $116.51 per barrel.

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

Azeri Light recorded its lowest price of $15.81 per barrel on April 21, 2020, and its highest price of $149.66 in July 2008.

Azeri Light is produced under the development agreement for the Azeri-Chirag-Gunashli (ACG) block of fields, in which the State Oil Company of Azerbaijan (SOCAR) holds a 35.3% stake.