BAKU - The price of Azerbaijan’s Azeri Light crude rose $5.50, or 4.6%, to $124.76 a barrel on a CIF basis.
The previous quotation was $119.26 a barrel, according to Vesti Baku. The one-session increase brought the benchmark close to the $125 level.
Price Is Nearly Double the Budget Benchmark
The latest quotation is about 92% above the $65 average oil price used in Azerbaijan’s 2026 state budget.
The Finance Ministry set the 2026 budget benchmark at $65 a barrel during preparation of the state and consolidated budgets. The same assumption has been retained for the country’s draft 2027 budget.
Higher crude prices can increase Azerbaijan’s potential foreign-currency earnings. The eventual effect on public finances, however, also depends on actual production and export volumes, the timing of sales and the fiscal arrangements governing oil revenue.