Baku: The price of Azerbaijan’s Azeri Light crude has seen an upward movement, with its cost at Italy’s Augusta port rising by $0.39, or 0.57 percent, reaching $68.7 per barrel. This increase marks a significant development in the oil market as reported by a source in the industry.
According to Trend News Agency, similar trends were observed at Trkiye’s Ceyhan port, where the FOB price of Azeri Light crude also increased by $0.39, or 0.58 percent, bringing it to $67.23 per barrel. These price adjustments indicate a consistent rise in the value of Azerbaijani oil across different regions.
In comparison, the price of URALS crude experienced a rise of $0.5, or 0.9 percent, reaching $55.84 per barrel. Meanwhile, Brent Dated crude from the North Sea saw an increase of $0.28, or 0.42 percent, bringing its price to $66.7 per barrel. These increments reflect a broader trend of increasing crude oil prices in the global market.
Azerbaijan’s state budget for the year 2025 is planned around an average oil price of $70 per barrel, indicating the strategic importance of maintaining favorable oil prices for the country’s economic planning and stability.