Azerbaijani oil price rises above $96 per barrel
The price of Azerbaijani Azeri Light crude oil on the global market increased by $1.09, or 1.14%, reaching $96.36 per barrel, according to market data.
The rise comes as global oil prices continue to fluctuate, with Brent crude futures for August settling at $94.81 per barrel following trading, News.Az reports, citing Report.
Price of Azerbaijani oil on an FOB basis at Türkiye’s Ceyhan port also rose by $1.09, or 1.17%, to $94.04 per barrel.
According to the report, Azerbaijan’s state budget for 2026 is based on an average oil price of $65 per barrel, significantly below current market levels.
The lowest recorded price for Azeri Light was $15.81 per barrel on April 21, 2020, while the highest was registered in July 2008, when the benchmark reached $149.66 per barrel.
Oil production in Azerbaijan is carried out mainly under the agreement for the development of the Azeri-Chirag-Gunashli field block, in which the State Oil Company of Azerbaijan holds a 31.65% stake.
By Leyla Şirinova
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