Baku: The price of Azerbaijan’s Azeri Light crude has seen a reduction at Italy’s Augusta port, where it decreased by $0.25, or 0.36 percent, reaching $69.61 per barrel on October 2. This decline was mirrored at Trkiye’s Ceyhan port, where the FOB price fell by the same margin to $68.07 per barrel.
According to Trend News Agency, the market also experienced a downturn for other oil types. The price of URALS crude dropped by $0.39, or 0.71 percent, settling at $54.75 per barrel. Similarly, Brent Dated crude from the North Sea saw a decrease of $0.51, or 0.75 percent, to $67.43 per barrel.
Azerbaijan’s fiscal planning for 2025 is based on an average oil price of $70 per barrel, suggesting potential implications for the country’s economic strategies should the current trend continue.