Baku: The price of Azerbaijan’s Azeri Light crude oil has experienced a decline at key international ports. At Italy’s Augusta port, on a CIF basis, the price decreased by $0.9, or 1.3 percent, to $68.12 per barrel. Similarly, at Trkiye’s Ceyhan port, the FOB price of Azeri Light crude fell by $0.91, or 1.35 percent, reaching $66.64 per barrel.
According to Trend News Agency, the price reductions were not limited to Azeri Light crude. The URALS crude price also experienced a drop, decreasing by $0.89, or 1.58 percent, to $55.35 per barrel. Additionally, Brent Dated crude from the North Sea saw a decrease of $0.84, or 1.25 percent, bringing its price down to $66.3 per barrel.
The fluctuations in oil prices come as Azerbaijan plans its 2025 state budget based on an average oil price of $70 per barrel. This suggests that the recent declines in crude oil prices could have implications for the country’s economic planning and fiscal strategies.