Azerbaijan's Azeri Light crude falls below $77 per barrel

The price of Azerbaijan's Azeri Light crude oil fell by $3.38, or 4.23%, to $76.38 per barrel on international markets, a source in the oil market said to local media.

The price of Azeri Light crude loaded at the Turkish Mediterranean port of Ceyhan under FOB terms also declined, dropping by $3.27, or 4.22%, to $74.08 per barrel, the source said.

Despite the latest decline, Azeri Light remains above the $65 per barrel oil price assumption used in Azerbaijan's 2026 state budget.

Azeri Light, Azerbaijan's flagship export crude grade, hit a record low of $15.81 per barrel on April 21, 2020, amid a collapse in global oil demand during the COVID-19 pandemic. Its all-time high of $149.66 per barrel was recorded in July 2008, during a surge in global energy prices.

By Aghakazim Guliyev