Azerbaijan oil prices rise modestly as sovereign foreign assets projected to hit $93 billion in 2026

Azerbaijan’s Azeri Light crude saw a slight price increase this week, with the CIF price climbing $0.34 to $102.18 per barrel and the FOB price at Ceyhan rising $0.18 to $99.82 per barrel. By contrast, Urals crude fell $0.56 to $75.48 per barrel and Dated Brent slipped $0.70 to $99.13 per barrel.

Fitch Ratings projects Azerbaijan’s sovereign foreign‑currency assets to reach $93 billion in 2026, equal to 117 % of the country’s forecast GDP. About 84 % of these assets will be held by the State Oil Fund of Azerbaijan (SOFAZ), with the remainder in the central bank’s international reserves, pushing net sovereign assets to roughly 73 % of GDP. The rating agency affirmed a BBB‑ rating with a stable outlook, citing a strong external balance sheet, low government debt and substantial fiscal flexibility. Fitch also expects a current‑account surplus of 9 % of GDP and a consolidated budget surplus of 5.6 % of GDP in 2026, supported by higher oil prices and ongoing fiscal reforms aimed at reducing the non‑oil primary deficit.