Azerbaijan's Azeri Light crude surges more than 6% to $86.51 per barrel

The price of Azerbaijan's Azeri Light crude oil rose sharply on global markets, gaining $5.22, or 6.42%, to close at $86.51 per barrel, according to a source in the oil market.

At the close of trading, September Brent crude futures were priced at $82.56 per barrel, Caliber.Az reports per local media. 

Azeri Light exported via the Turkish port of Ceyhan also posted strong gains. On an FOB basis, the price increased by $4.79, or 6.11%, to $83.15 per barrel.

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

Azeri Light reached a record low of $15.81 per barrel on April 21, 2020, during the COVID-19 pandemic, while its all-time high of $149.66 per barrel was recorded in July 2008.

Most of Azerbaijan's oil is produced under the agreement to develop the Azeri-Chirag-Guneshli (ACG) offshore field complex in the Caspian Sea. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake in the project.

By Sabina Mammadli