Azerbaijan’s Azeri Light crude fell $3.73, or nearly 2.9%, in the latest trading session to $124.14 a barrel.
The decline followed a previous quotation of $127.87 a barrel, according to data reported by Report.az and APA.az.
December Brent futures settled at $127.55 a barrel. Azeri Light priced on a free-on-board basis at Türkiye’s Ceyhan port fell $3.72, or 3.2%, to $112.79.
Price Remains Well Above Budget Assumption
Azerbaijan’s 2026 state budget assumes an average oil price of $65 a barrel. The latest Azeri Light quotation is $59.14 above that benchmark, or about 91% higher.
The gap does not mean the full difference flows directly into the state budget. The fiscal effect depends on export volumes, contract terms, tax payments and the average oil price over a longer period.
Azeri Light is produced from the Azeri-Chirag-Gunashli field complex in the Caspian Sea. Report.az has previously placed the grade’s record high at $149.66 a barrel in July 2008 and its record low at $15.81 on April 21, 2020.