Azeri Light oil price drops by $3.54

According to market data, the price of a barrel of Azeri Light crude fell by $3.54, or 5.23%, to $64.11 on global markets.

June futures for Brent crude settled at $62.69.

Azerbaijan’s 2025 state budget is based on an oil price of $70 per barrel.

The lowest recorded price for Azeri Light was $15.81 on April 21, 2020, and the highest was $149.66 in July 2008.

Oil production in Azerbaijan is primarily carried out under the Azeri-Chirag-Gunashli (ACG) field development agreement, in which state oil company SOCAR holds a 31.65% stake.

N.Tebrizli