Azeri Light crude climbs slightly amid global market shifts

The price of Azerbaijan’s Azeri Light crude oil saw a small increase of $0.02, or 0.03%, rising to $74.04 per barrel in the global market, a source in the oil market told Report.

Following this price change, the May futures for Brent crude settled at $72.55. Meanwhile, at the Turkish port of Ceyhan, Azeri Light's price edged up by $0.01 to $72.61 under the FOB basis.

Azerbaijan's state budget for 2025 had forecast oil at $70 per barrel.

For comparison, Azeri Light hit its lowest price on April 21, 2020, at $15.81, while the highest price was recorded in July 2008 at $149.66 per barrel.

Azerbaijan produces most of its oil through the Azeri-Chirag-Gunashli (ACG) block, with SOCAR holding a 31.655% stake in the project.