Azeri Light crude nears $141 amid global oil volatility

The price of one barrel of Azerbaijani Azeri Light crude fell by $1, or 0.7%, to $140.68 on the global market.

June futures for Brent crude closed at $144.42 per barrel, Caliber.Az reports, citing a market source.

In Türkiye’s Ceyhan, the FOB (Brent CIF FOB) price of Azeri Light decreased by $0.57, or 0.42%, to $134.58 per barrel.

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

By comparison, Azeri Light’s lowest recorded price was $15.81 on April 21, 2020, while the highest was $149.66 in July 2008.

Azeri Light is produced under the Azeri-Chirag-Gunashli (ACG) field block development agreement, in which the State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake.

By Bakhtiyar Abbasov