Azeri Light oil falls as global benchmarks ease

The price of Azerbaijan’s Azeri Light CIF crude has declined in line with softer global oil markets, according to market data.

Azeri LT CIF dropped by $0.67, or 0.83%, to $79.76 per barrel. August Brent crude futures were meanwhile trading at $75.39 per barrel, local media reports.

On a Free on Board (FOB) basis at Türkiye’s Ceyhan port, Azeri Light fell by $0.78, or 1%, to $77.35 per barrel.

Despite the daily decline, oil prices remain well above the benchmark used in Azerbaijan’s state budget for 2026, which is set at $65 per barrel.

Historically, Azeri Light has experienced significant volatility, falling to a low of $15.81 per barrel on April 21, 2020, during the global demand collapse triggered by the COVID-19 pandemic, while reaching an all-time high of $149.66 in July 2008.

Azeri Light is produced under the Azeri-Chirag-Gunashli (ACG) production-sharing agreement, one of Azerbaijan’s largest offshore oil projects. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake in the ACG consortium.

By Sabina Mammadli