Azerbaijani oil prices jump to $132

The price of a barrel of Azerbaijani Azeri Light crude rose $4.30, or 3.36%, to $132.35 on global markets, according to local media.

June Brent futures closed at $127.24 per barrel. The price of Azerbaijani crude at the Turkish port of Ceyhan under FOB terms (BTC FOB) increased $4.50, or 3.72%, to $125.55 per barrel.

Azerbaijan’s state budget for 2026 assumes an oil price of $65 per barrel.

For context, Azeri Light reached a record low of $15.81 on April 21, 2020, and a historical high of $149.66 in July 2008. Azeri Light is produced under the Azeri‑Chirag‑Gunashli (ACG) field development agreement, in which the State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake.

By Jeyhun Aghazada