Price of Azerbaijani oil sees modest increase

The price of a barrel of Azeri Light crude oil has risen slightly on global markets, increasing by $0.28 or 0.4% to reach $69.42, according to sources in the oil market cited by Report.

Based on trading results, the price of October futures for Brent crude stood at $69.48 per barrel.

At Türkiye’s Ceyhan port, the FOB (Free on Board) price for Azeri Light rose by $0.28 or 0.41%, amounting to $67.88 per barrel.

Azerbaijan’s 2025 state budget is based on an average oil price of $70 per barrel.

For reference, the lowest recorded price for Azeri Light was $15.81 per barrel on April 21, 2020, while the highest was $149.66 per barrel in July 2008.

Azerbaijani oil is primarily produced under the “Azeri-Chirag-Gunashli” (ACG) production-sharing agreement. The State Oil Company of Azerbaijan Republic (SOCAR) holds a 31.65% stake in the project.