Azeri Light oil price rises above $70

 The price of one barrel of Azerbaijan’s Azeri Light crude rose by $0.85, or 1.22%, to $70.33 on global markets, oil trading sources told Anews.

Brent crude futures for September delivery stood at $70.31 per barrel.

On an FOB basis at Turkey’s Ceyhan port, Azeri Light rose by $0.84, or 1.23%, to $69.07 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, while the highest was $149.66 in July 2008. Azerbaijan mainly extracts oil from the Azeri-Chirag-Gunashli (ACG) block, where state oil company SOCAR holds a 31.65% stake.

N.Tebrizli