Azeri Light price falls to $123.46 a barrel

The price of Azerbaijan's Azeri Light crude on the world market fell by $2.48, or 1.96%, to $123.46 a barrel, a source in the oil market told Report.

November 2026 futures for Brent crude settled at $123.02 a barrel.

At Turkey's port of Ceyhan, the FOB price of Azeri Light dropped by $2.45, or 2.05%, to $116.81 a barrel.

Azerbaijan's state budget for 2026 is based on an average oil price of $65 a barrel.

The lowest price recorded for Azeri Light was $15.81 on April 21, 2020, and the highest was $149.66 in July 2008.

The grade is produced under the contract on the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The State Oil Company of Azerbaijan (SOCAR) holds a 35.3% stake in the contract.