Azerbaijan’s benchmark crude advances in global trade

The price of Azerbaijan’s Azeri Light crude rose on global markets, increasing by $0.78, or 1.07%, to $73.71 per barrel, according to a source in the oil market cited by local media.

At Türkiye’s Ceyhan port, the price of Azeri Light crude under FOB terms also climbed, gaining $0.67, or 0.95%, to reach $71.15 per barrel.

The latest increase places the benchmark comfortably above the $65 per barrel price assumption set in Azerbaijan’s state budget for the current year.

Azeri Light has experienced significant volatility over time. Its lowest recorded price was $15.81 per barrel on April 21, 2020, while its peak was reached in July 2008 at $149.66 per barrel.

By Tamilla Hasanova