Price of Azerbaijani oil nears $80

The price of Azerbaijan's Azeri LT CIF oil in the world market increased by $3.79, or 5%, to $79.58 per barrel, Report informs.

August futures for Brent crude were traded at $77.47 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 went up by $3.79 or 5.09%, amounting to $78.25.

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.