Azeri Light oil prices fall nearly 4% amid broader market decline

The price of Azerbaijan’s Azeri Light crude oil declined by $3.01, or 3.89%, to $74.36 per barrel on the global market, according to a source in the oil industry.

At the close of trading, August Brent crude futures were priced at $70.56 per barrel, reflecting a broader downturn in global oil benchmarks, Caliber.Az reports per local media. 

In Türkiye's Ceyhan port, the price of Azerbaijani oil on a FOB basis also fell by $3.02, or 4.03%, to $71.90 per barrel.

Despite the decline, Azerbaijan’s state budget for the year is based on an assumed oil price of $65 per barrel.

Historically, Azeri Light crude has seen significant volatility, reaching a low of $15.81 per barrel on April 21, 2020, during the global oil demand collapse, and a record high of $149.66 per barrel in July 2008.

By Sabina Mammadli