Price of Azerbaijani oil falls to $80 per barrel

The price of Azerbaijan’s “Azeri Light” crude fell by $2.24, or 2.71%, to $80.34 per barrel on global markets, market participants said on Friday.

At Turkey’s Ceyhan port, the FOB price of “Azeri Light” dropped 2.76% to $78.96 per barrel.

Brent crude August futures were trading at $78.21 per barrel.

Azerbaijan’s 2025 state budget is based on an average 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.

Azerbaijan’s oil is primarily extracted from the Azeri-Chirag-Gunashli (ACG) block of fields. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake in the project.

N.Tebrizli