Azeri Light crude falls slightly to $116 per barrel

The price of one barrel of Azeri Light crude oil on the global market fell by $0.05, or 0.04%, to $116, a source in the oil market told Caliber.Az.

For comparison, May Brent futures closed at $111.14 per barrel.

In Ceyhan, Türkiye, the FOB price of Azeri Light dropped $0.59, or 0.53%, to $110.38 per barrel.

For the 2026 state budget, Azerbaijan has set an oil price assumption of $65 per barrel.

The lowest recorded price for Azeri Light was $15.81 on April 21, 2020, while the highest was $149.66 in July 2008.

Oil production in Azerbaijan is primarily carried out under the Azeri-Chirag-Guneshli (ACG) development agreement, in which the State Oil Company of the Azerbaijan Republic (SOCAR) holds a 31.65% stake.