Azerbaijani oil slips slightly

The price of one barrel of Azerbaijani crude Azeri Light on the global market fell by $0.12, or 0.18%, to $66.22, a market source told Report.

According to trading data, Brent February futures settled at $64.22.

At Turkey’s Ceyhan port, Azeri Light traded on an FOB basis at $64.19 per barrel, down $0.10 or 0.15%.

Azerbaijan’s 2025 state budget sets the average oil price at $70 per barrel.

Azeri Light recorded its all-time low of $15.81 on April 21, 2020, and its peak of $149.66 in July 2008. The grade is produced from the Azeri-Chirag-Guneshli (ACG) block, where SOCAR holds a 31.65% stake.