Azeri Light falls more than 3% as global oil prices retreat

The price of Azerbaijan’s Azeri Light crude oil declined on international markets, falling by $2.52, or 3.04%, to $80.43 per barrel, a source in the oil market has confirmed.

Azeri Light crude shipped from the Turkish Mediterranean port of Ceyhan under FOB (Free on Board) terms also registered a decrease, dropping by $2.61, or 3.23%, to $78.13 per barrel, Caliber.Az reports via local media.

Despite the decline, the benchmark remains well above the oil price assumption of $65 per barrel used in Azerbaijan’s state budget for 2026.

Historical data show that Azeri Light reached its lowest recorded level on April 21, 2020, when it traded at $15.81 per barrel amid the global market turmoil triggered by the COVID-19 pandemic. Its all-time high was recorded in July 2008, when the grade surged to $149.66 per barrel.

By Vafa Guliyeva