Azeri Light crude falls nearly 4% as global oil prices decline

Azerbaijan’s Azeri Light crude has fallen sharply on international markets, tracking broader weakness in global oil prices.

The price of Azeri Light dropped by $4.18, or 3.92%, to $102.30 per barrel, Caliber.Az reports per local media. 

At the close of trading, July Brent crude futures were recorded at $99.59 per barrel, reflecting a broader downturn in benchmark oil prices.

At Türkiye's Ceyhan port, Azeri Light crude on FOB terms (BTC FOB) also declined, falling by $4.15, or 3.98%, to $100.07 per barrel.

Azerbaijan’s state budget for the current year is based on an average oil price assumption of $65 per barrel, meaning current levels remain significantly above fiscal breakeven estimates.

Historically, Azeri Light has seen major volatility, with a record low of $15.81 per barrel in April 2020 during the pandemic-driven oil collapse, and a peak of $149.66 in July 2008.

The grade is produced from the Azeri-Chirag-Guneshli (ACG) offshore oil field complex, in which the State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake.

By Sabina Mammadli