The price of Azerbaijan’s flagship crude, Azeri Light, recorded a modest increase in key Mediterranean and Turkish markets, Azernews reports.
At Italy’s Augusta port, the CIF (Cost, Insurance, and Freight) price of Azeri Light rose by $0.31, or 0.45%, reaching $69.61 per barrel compared with the previous figure.
Similarly, at Türkiye’s Ceyhan terminal, the FOB (Free on Board) price of Azeri Light advanced by $0.34, or 0.50%, settling at $68.10 per barrel.
In comparison, Russia’s Urals crude also saw a slight uptick. Its price increased by $0.10, or 0.18%, to $55.91 per barrel. Meanwhile, the North Sea’s benchmark Dated Brent crude registered a small decline, slipping by $0.17, or 0.25%, to $67.27 per barrel.
Azerbaijan has based its 2025 state budget calculations on an average oil price of $70 per barrel, underscoring the importance of price stability for fiscal planning.
