Azeri Light crude rises nearly 5% amid climb in global oil prices

Azerbaijan’s Azeri Light crude oil price increased by $5.45, or 4.93%, reaching $115.93 per barrel on the international market, according to a source in the oil sector.

In the latest trading session, July Brent crude futures were also up, standing at $110.83 per barrel, reflecting broader gains in global oil benchmarks, Caliber.Az reports per local media. 

At Türkiye's Ceyhan export terminal, Azeri Light crude on a FOB (free on board) basis rose by $5.70, or 5.3%, to $113.30 per barrel.

Azerbaijan’s 2026 state budget had been calculated using an assumed average oil price of $65 per barrel, significantly below current market levels.

Historically, Azeri Light has seen wide price fluctuations. It fell to a low of $15.81 per barrel on April 21, 2020, during the global pandemic-driven market collapse, while its record high was $149.66 per barrel in July 2008.

Azeri Light crude is produced under the Azeri-Chirag-Gunashli (ACG) oilfield development agreement in the Caspian Sea. The State Oil Company of the Azerbaijan Republic (SOCAR) holds a 31.65% stake in the project.

By Sabina Mammadli