The price of Azerbaijan's Azeri LT CIF oil on the global market dropped by $1.13, or 1.72%, settling at $64.60 per barrel. March futures for Brent crude were traded at $61.89 per barrel, The Caspian Post reports. The price of a barrel of Azerbaijani oil of the Azeri LT CIF on Free on Board (FOB) basis at Türkiye's Ceyhan port fell by $1.19 or 1.86%, amounting to $62.8. The average oil price in Azerbaijan's state budget for 2026 was set at $65 per barrel. The lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), and the all-time high of $149.66 was fixed in July 2008.

Source: Economic Times January 08, 2026 13:20 UTC