Azeri Light crude drops 5% to $96.73 per barrel
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Azerbaijan's flagship Azeri Light crude fell $5.14, or 5.04%, to $96.73 per barrel on global markets. Brent crude futures for September settled at $91.43. The decline comes as the government's 2026 budget assumes an oil price of $65 per barrel.
The Price Drop
Azeri Light crude tumbled $5.14 to $96.73 a barrel, a 5.04% decline. Brent, the global benchmark, dropped to $91.43 for September delivery. At Turkey's Ceyhan terminal, Azeri Light under FOB terms fell $4.71 to $93.54 per barrel.
Budget Benchmark
Azerbaijan's 2026 state budget sets the oil price assumption at $65 per barrel, far below current market levels. Azeri Light hit an all-time low of $15.81 on April 21, 2020, and a record high of $149.66 in July 2008.
Production Background
The crude is primarily extracted from the Azeri-Chirag-Gunashli (ACG) block under a production sharing agreement. State oil company SOCAR holds a 31.65% stake in the contract.
What's Next
Global oil markets remain volatile amid demand uncertainty and geopolitical risks. Whether prices will stabilize above the budgeted $65 level or face further declines remains unclear.
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Azeri Light crude drops 5% to $96.73 per barrel
