Azerbaijan’s Azeri Light crude drops to $91.04

The price of Azerbaijan’s Azeri Light crude fell by $0.64, or 0.7%, to $91.04 per barrel on global markets, an oil market source told Report on Wednesday, August 5.

At the same time, Brent crude September futures settled at $85.28 per barrel.

The price of Azerbaijani oil delivered via Türkiye’s Ceyhan port on an FOB basis declined by $0.99, or 1.11%, to $87.89 per barrel.

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

Historically, Azeri Light reached a low of $15.81 per barrel on April 21, 2020, and a peak of $149.66 in July 2008.

Oil production in Azerbaijan is primarily carried out under the Azeri-Chirag-Gunashli (ACG) block development agreement, in which the State Oil Company of Azerbaijan (SOCAR) holds a 35.3% stake.

By Tamilla Hasanova