Azerbaijan's Azeri Light crude climbs above $100 per barrel

The price of Azerbaijan's benchmark Azeri Light crude oil rose sharply on global markets, climbing above the $100-per-barrel mark at the close of trading.

According to oil market data, Azeri Light increased by $3.29, or 3.33%, to $101.87 per barrel, Caliber.Az reports via local media.

By comparison, September futures for Brent crude, the international benchmark, settled at $96.57 per barrel.

Meanwhile, the price of Azeri Light crude delivered from the Turkish Mediterranean port of Ceyhan on a free-on-board (FOB) basis rose by $3.39, or 3.57%, to $98.25 per barrel.

Azerbaijan's 2026 state budget is based on an assumed average oil price of $65 per barrel, well below current market levels.

Historically, the lowest recorded price for Azeri Light was $15.81 per barrel on April 21, 2020, while its all-time high of $149.66 per barrel was reached in July 2008.

By Sabina Mammadli