Azerbaijan's Azeri Light oil falls 1.5% to $77.91 per barrel

The price of Azerbaijan's Azeri Light crude oil declined by 1.5% on the international market, falling $1.18 to $77.91 per barrel on a CIF basis, according to market data.

Brent crude September futures were trading at $74.20 per barrel, Caliber.Az reports per local media.

The price of Azeri Light on a Free on Board (FOB) basis at Türkiye's Ceyhan export terminal also declined, dropping $1.25, or 1.6%, to $75.06 per barrel.

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

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

Azeri Light is produced under the contract for the development of the Azeri-Chirag-Gunashli (ACG) oil fields in the Caspian Sea. Azerbaijan's State Oil Company (SOCAR) holds a 31.65% stake in the project.

By Sabina Mammadli