The price of Azerbaijan’s flagship Azeri Light crude rose by $1.23, or 1.3%, to $95.16 per barrel on the global market, according to a source in the oil market.
The increase came as September Brent crude futures closed at $91.92 per barrel, Caliber.Az reports per local media.
The price of Azeri Light crude loaded at the Turkish port of Ceyhan on a free-on-board (FOB) basis also climbed, gaining $1.37, or 1.5%, to $92.32 per barrel.
Azerbaijan’s state budget for 2026 is based on an oil price assumption of $65 per barrel, leaving the current Azeri Light price significantly above the government’s benchmark.
Azeri Light is one of Azerbaijan’s main crude oil grades and is produced primarily from the Azeri-Chirag-Guneshli (ACG) offshore field complex in the Caspian Sea. The country’s state oil company, SOCAR, holds a 35.3% interest in the ACG production-sharing agreement.
Historically, Azeri Light prices have fluctuated sharply. The crude reached a record low of $15.81 per barrel on April 21, 2020, while its record high of $149.66 was recorded in July 2008.
By Sabina Mammadli
