Azeri Light crude surpasses $95 per barrel
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Azerbaijan's Azeri Light crude oil rose $1.23, or 1.3%, to $95.16 per barrel on August 11, breaching the $95 mark. The increase came as Brent crude futures settled at $91.92 and the FOB price at Turkey's Ceyhan terminal climbed to $92.32.
The Price Spike
Azeri Light crude rose $1.23 to $95.16 per barrel on August 11, an increase of 1.3%. The price last exceeded $95 in July 2008, when it hit an all-time high of $149.66. Brent crude futures for September delivery settled at $91.92, while the FOB price at Ceyhan gained $1.37 to $92.32.
Production and Budget
Azerbaijan extracts the bulk of its crude from the Azeri-Chirag-Gunashli (ACG) block, where state company SOCAR holds a 35.3% stake. The government's 2026 budget assumes an oil price of $65 per barrel — $30 below current levels. The previous low for Azeri Light was $15.81 on April 21, 2020, during the pandemic-driven oil crash.
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