The price of Azerbaijan's Azeri LT CIF oil rose by $2.99, or 2.46%, to reach $124.24 per barrel in the global market.

Azerbaijan produced 27.7 million tons of oil, including condensate, in 2025, marking a 4.81 percent decline — or 1.4 million tons — compared to 2024, according to the Energy Ministry.

BP, operator of the Azeri-Chirag-Gunashli (ACG) oil field, has announced that December 30 marks 20 years since the first oil was produced from the West Azeri platform, a key milestone in the development of the giant ACG field.

Azerbaijan and Hungary are successfully cooperating in the energy sector, Azerbaijani President Ilham Aliyev said on Tuesday.

Today marks the 20th anniversary of the first oil production from the Central Azeri platform, the second oldest platform on the Azeri-Chirag-Deepwater Gunashli (ACG) field, following Chirag, News.Az reports, citing bp Azerbaijan.

Azerbaijan’s oil production, including condensate, totaled 2.3 million tons in January 2025, according to operational data.

BP has announced plans to drill 19 wells in the Azeri-Chirag-Gunashli (ACG) block of fields in the Azerbaijan sector of the Caspian basin this year.

Azerbaijan produced a total of 26.5 million tons of oil, including condensate, from January to November 2024, according to the country's Ministry of Energy.

The price of Azerbaijan's Azeri LT CIF oil on the world market has increased by $0.53, or 0.7%, reaching $75.37 per barrel.

The price of Azerbaijan's Azeri LT CIF oil increased by $0.92, or 1.22%, reaching $76.52 per barrel on the world market.