Azeri Light crude rises to $93.37 per barrel

The price of Azerbaijan's Azeri Light crude oil increased by $2.33, or 2.56%, to $93.37 per barrel on the global market, according to a source in the oil market.

Following the latest trading session, Brent crude futures for September were priced at $87.60 per barrel.

At Türkiye's Ceyhan port, the price of Azeri Light crude on an FOB basis rose by $2.41, or 2.74%, to $90.30 per barrel.

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

Azeri Light reached its lowest recorded price of $15.81 per barrel on April 21, 2020, while its highest price of $149.66 per barrel was recorded in July 2008. The crude is produced under the Azeri-Chirag-Gunashli (ACG) field development agreement, in which the State Oil Company of Azerbaijan (SOCAR) holds a 35.3% stake.