The price of Azerbaijan's Azeri Light crude fell by $3.73, or 2.91%, to $124.14 per barrel on the global market, a source in the oil market told Report.
Brent crude futures for December delivery settled at $127.55 per barrel.
At Türkiye's Ceyhan port, Azeri Light crude on a Free on Board (FOB) basis dropped by $3.72, or 3.2%, to $112.79 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price of $65 per barrel.
Azeri Light recorded its lowest price of $15.81 per barrel on April 21, 2020, and its highest price of $149.66 in July 2008.
Azeri Light is produced under the development agreement for the Azeri-Chirag-Gunashli (ACG) block of fields, in which the State Oil Company of Azerbaijan (SOCAR) holds a 35.3% stake.