Azeri Light oil rises as global crude benchmarks strengthen

The price of Azerbaijan’s Azeri Light CIF crude increased in the latest trading session, rising by $2.89, or 3.61%, to $82.95 per barrel.

August Brent crude futures were trading at $80.32 per barrel, reflecting broader gains in global oil markets, Caliber.Az reports via local media. 

On a Free on Board (FOB) basis at Türkiye’s Ceyhan port, Azeri Light also climbed, increasing by $2.86, or 3.67%, to $80.74 per barrel.

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

The oil grade has experienced significant price volatility in recent years. Its lowest recorded price was $15.81 per barrel in April 2020 during the global pandemic-driven market collapse, while its historical peak reached $149.66 per barrel in July 2008.

Azerbaijan’s 2026 state budget is based on an assumed average oil price of $65 per barrel, indicating current market levels are trading well above fiscal projections.

By Sabina Mammadli