Azeri Light oil climbs to nearly $94 per barrel

The price of Azerbaijan's Azeri Light crude oil rose by $2.41, or 2.63%, to $93.91 per barrel on the global market, according to a source in the oil market.

Following the latest trading session, September futures for Brent crude were priced at $87.01 per barrel.

At Türkiye's Ceyhan port, the FOB price of Azeri Light increased by $2.42, or 2.76%, reaching $89.99 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, while its all-time high of $149.66 per barrel was reached 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 31.65% stake.