Baku: The price of Azerbaijan’s Azeri Light crude oil has experienced a decrease at major ports, impacting the market rate significantly. At Italy’s Augusta port, the price on a CIF basis dropped by $0.87, or 1.33%, settling at $64.36 per barrel. A similar downtrend was observed at Trkiye’s Ceyhan port, where the FOB price of Azeri Light crude decreased by $0.98, or 1.55%, to reach $62.33 per barrel.
According to Trend News Agency, other crude oil benchmarks also saw price reductions. The URALS crude experienced a notable drop of $1.1, or 3.05%, bringing its value to $34.99 per barrel. Meanwhile, Brent Dated crude from the North Sea declined by $0.59, or 0.94%, resulting in a price of $61.99 per barrel.
The decline in oil prices comes as Azerbaijan’s 2025 state budget anticipates an average oil price of $70 per barrel, which may prompt adjustments in fiscal strategies if the current pricing trends persist.