Azerbaijan’s Azeri Light falls below $100 per barrel

The price of Azerbaijan’s benchmark Azeri Light crude fell below $100 per barrel on global markets, declining by $1.3, or 1.28%, to $99.48 per barrel, a market source told local media.

The drop comes amid broader movements in international oil markets. At the close of trading, August futures for Brent crude were priced at $97.84 per barrel.

Azeri Light prices at Türkiye’s Ceyhan export terminal also moved lower. On an FOB basis, the price declined by $1.38, or 1.4%, to $97.01 per barrel.

Despite the recent decrease, current oil prices remain well above the benchmark level set in Azerbaijan’s state budget for the year, which is calculated at $65 per barrel.

By Tamilla Hasanova