Azeri Light crude falls to $67.45 per barrel

The price of Azerbaijani crude oil "Azeri Light" fell by $0.53 or 0.78% to $67.45 per barrel on global markets, a source in the oil market told Report on Tuesday.

At Turkey’s Ceyhan port, the FOB price of Azeri Light dropped by $0.55, or 0.83%, to $65.89 per barrel.

Meanwhile, Brent crude futures for October delivery were trading at $67.58 per barrel.

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

The lowest historical price for Azeri Light was recorded at $15.81 per barrel on April 21, 2020, while the highest was $149.66 in July 2008. Most of Azerbaijan’s oil is produced from the Azeri-Chirag-Gunashli (ACG) field, in which state oil company SOCAR holds a 31.65% stake.