Azeri Light crude dips slightly on global markets

The price of Azeri Light crude oil fell slightly on international markets, dropping $0.05, or 0.04%, to $116 per barrel, a source on the oil market told Report.

On the same day, May Brent crude futures closed at $111.14 per barrel.

In terms of FOB delivery at the Turkish port of Ceyhan, Azeri Light declined $0.59, or 0.53%, to $110.38 per barrel.

For the 2026 state budget, Azerbaijan has set its oil price assumption at $65 per barrel.

Historically, Azeri Light hit a low of $15.81 on April 21, 2020, and a record high of $149.66 in July 2008.

The majority of Azerbaijan's oil production comes from the Azeri-Chirag-Guneshli block. The State Oil Company of Azerbaijan Republic (SOCAR) holds a 31.65% stake in the project.