Azeri Light crude dips slightly on global markets

The price of a barrel of Azerbaijan’s Azeri Light crude fell by $0.41, or 0.51%, to $79.17 on global markets, market sources said.

At Turkey’s Ceyhan port, on an FOB basis, Azeri Light fell by $0.46, or 0.59%, to $77.79 per barrel.

Brent crude futures for August delivery traded at $77.05 per barrel on the London exchange.

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

Azeri Light’s lowest recorded price was $15.81 on April 21, 2020, while its highest was $149.66 in July 2008.

Most of Azerbaijan’s crude is produced from the Azeri-Chirag-Guneshli (ACG) block, in which the State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake.

N.Tebrizli