Azeri Light crude rises above $91 per barrel

The price of Azerbaijan’s Azeri Light crude oil rose by $2.68, or 3.02%, to $91.50 per barrel on the world market.

September futures for Brent crude were trading at $84.66 per barrel, Caliber.Az reports via local media.

The price of Azeri Light on a Free on Board (FOB) basis at Türkiye’s Ceyhan port increased by $2.61, or 3.07%, to $87.57 per barrel.

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

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

The lowest recorded price for Azeri Light was $15.81 per barrel on April 21, 2020, while its record high of $149.66 was reached in July 2008.

By Sabina Mammadli