The price of Azerbaijan’s Azeri Light CIF crude has declined in line with softer global oil markets, according to market data.
Azeri LT CIF dropped by $0.67, or 0.83%, to $79.76 per barrel. August Brent crude futures were meanwhile trading at $75.39 per barrel, local media reports.
On a Free on Board (FOB) basis at Türkiye’s Ceyhan port, Azeri Light fell by $0.78, or 1%, to $77.35 per barrel.
Despite the daily decline, oil prices remain well above the benchmark used in Azerbaijan’s state budget for 2026, which is set at $65 per barrel.
Historically, Azeri Light has experienced significant volatility, falling to a low of $15.81 per barrel on April 21, 2020, during the global demand collapse triggered by the COVID-19 pandemic, while reaching an all-time high of $149.66 in July 2008.
Azeri Light is produced under the Azeri-Chirag-Gunashli (ACG) production-sharing agreement, one of Azerbaijan’s largest offshore oil projects. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake in the ACG consortium.
By Sabina Mammadli
