Azerbaijan's Azeri Light Crude Oil Price Drops to $124.01

The price of Azeri Light crude oil, Azerbaijan's flagship export, has dipped to $124.01 per barrel on the world market. This represents a decline of $0.75, or 0.6%, compared to the previous day.

Global oil prices have also edged lower, with December futures for Brent crude standing at $126.96 per barrel at the close of trading. The price of Azeri Light crude sold from Ceyhan, Türkiye, on a FOB basis dropped by $2.59, or 2.2%, to $114.74 per barrel.

The latest decline in oil prices is significant for Azerbaijan's economy, which relies heavily on its oil exports. The country's 2026 state budget is based on an oil price assumption of $65 per barrel, but the current market price remains well above this benchmark.