IMF forecasts Azerbaijan's oil export price at $66.7 per barrel in 2026

The average price of Azerbaijan's oil exports in 2026 is projected to be $66.7 per barrel, according to the International Monetary Fund (IMF), Report informs.

After a slight decrease to $64.9 per barrel in 2027, prices are expected to follow an upward trend: $65.4 in 2028 and $66.4 in 2029.

In 2030, the average export price of oil is forecast to reach $67.2 per barrel, rising further to $68.5 per barrel in 2031.

Azeri Light crude is sold at a premium of $2–3 per barrel compared to Brent.

In Azerbaijan's current state budget, the oil price is set at $65 per barrel.

For reference, the lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), and the all-time high of $149.66 was fixed in July 2008.

Crude oil in Azerbaijan is mainly produced under the agreement on the development of the Azeri–Chirag–Gunashli (ACG) block of fields, in which the State Oil Company of Azerbaijan (SOCAR) holds a 31.655% share.