Azerbaijani oil prices drop by nearly $8

The price of Azerbaijan's Azeri LT CIF oil in the world market decreased by $7.96, or 9.94%, to $72.12 per barrel, Report informs.

August futures for Brent crude were traded at $69.12 per barrel.

The price of a barrel of Azerbaijani oil of the Azeri LT CIF on Free on Board (FOB) basis at Türkiye's Ceyhan port declined by $7.92 or 10.98%, amounting to $70.8.

The average oil price in Azerbaijan's state budget for 2025 was set at $70 per barrel.

The lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), and the all-time high of $149.66 was fixed in July 2008.