Azeri Light surges above $128 as global oil prices rise

The price of Azerbaijan’s benchmark Azeri Light crude oil continued its upward trend, surpassing $128 per barrel on international markets.

According to market sources cited by local media, Azeri Light traded on a CIF basis at the Italian port of Augusta rose by $3.81, or 3.1%, to reach $128.05 per barrel.

At the same time, the price of Azeri Light on an FOB basis at the Turkish port of Ceyhan increased by $3.61, also 3.1%, reaching $121.05 per barrel.

Other key benchmarks also recorded gains. The price of Urals crude oil rose by $2.99, or 3.3%, to $95.10 per barrel, while Dated Brent crude increased by $2.98, or 2.5%, to $123.49 per barrel.

Despite the current surge in global oil prices, Azerbaijan’s state budget for 2026 is based on a significantly lower average oil price of $65 per barrel, highlighting a conservative fiscal assumption amid market volatility.

By Tamilla Hasanova