Azeri Light crude falls to $91.04 per barrel

The price of Azerbaijan's Azeri Light crude oil fell by $0.64, or 0.7%, to $91.04 per barrel on the global market, according to a source in the oil market.

Following the latest trading session, September futures for Brent crude were priced at $85.28 per barrel.

At Türkiye's Ceyhan port, the price of Azeri Light crude on an FOB basis declined by $0.99, or 1.11%, to $87.89 per barrel.

Azerbaijan's 2025 state budget is based on an average oil price of $65 per barrel.

Azeri Light reached its lowest recorded price of $15.81 per barrel on April 21, 2020, while its highest price of $149.66 per barrel was recorded in July 2008.

The crude is produced under the Azeri-Chirag-Gunashli (ACG) oilfields development agreement, in which the State Oil Company of the Azerbaijan Republic (SOCAR) holds a 35.3% stake.