Azeri Light crude drops to $116.83 per barrel

The price of Azerbaijan's Azeri Light crude fell by $5.54, or 4.53%, to $116.83 per barrel on the global market, a source in the oil market told Report.

Brent crude futures for November delivery settled at $118.41 per barrel.

At Türkiye's Ceyhan port, Azeri Light crude on a Free on Board (FOB) basis dropped by $6.21, or 5.34%, to $110.09 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.