Azerbaijan’s benchmark Azeri Light crude fell to $119.04 a barrel on October 16, extending its two-day decline to $8.83, or about 6.9%.
The latest CIF quotation dropped by $5.10, or 4.11%, from $124.14 a barrel, according to Report.az and APA-Economics.
The previous session had brought a $3.73 decline, or 2.92%, from $127.87 to $124.14. The October 16 loss was therefore steeper than the preceding day’s retreat.
Across the two sessions, Azeri Light fell from $127.87 to $119.04. The combined $8.83 decline equals approximately 6.9% of the starting price.
At Türkiye’s Ceyhan port, the crude’s FOB price fell by $4.30, or 3.81%, to $108.49 a barrel on October 16, Report.az said. December Brent futures settled at $125.98 a barrel.
Still Well Above the Budget Benchmark
Despite the pullback, the latest Azeri Light quotation remains $54.04 above the $65-per-barrel average oil price assumed in Azerbaijan’s 2026 state budget.
That comparison does not mean state revenue automatically rises by the same amount. Budget receipts depend on average realized prices over a longer period, export volumes, production levels and the state’s share of oil income rather than a single daily quotation.
Azeri Light is produced from the Azeri-Chirag-Gunashli field complex. State oil company SOCAR holds a 35.3% interest in the production-sharing agreement.
Source: Vesti Baku.