Azeri Light oil prices drop sharply amid broader market decline

The price of Azerbaijani Azeri Light crude oil has fallen significantly, a source in the oil market told Caliber.Az. On a CIF basis at the Italian port of Augusta, the price of Azeri Light decreased by $5.55, or 4.7%, compared to the previous level, reaching $113.01 per barrel.

In the Turkish port of Ceyhan, the price of one barrel of Azeri Light on a FOB basis fell by $5.11, or 4.5%, to $108.93.

The price of Russian Urals crude dropped by $6, or 6.8%, to $82.15 per barrel. North Sea Dated Brent also declined, falling by $8.17, or 6.6%, to $116.55 per barrel.

Azerbaijan’s 2026 state budget is based on an assumed average oil price of $65 per barrel.

By Jeyhun Aghazada