Azeri Light Oil surges amid global price gains
Nazrin Abdul
Read moreThe price of Azerbaijani "Azeri Light" oil on a CIF basis at the Italian port of Augusta rose by $1.33 (2.1%) compared to the previous rate, reaching $64.58 per barrel, Azernews reports, citing the oil market.
On an FOB basis at the Turkish port of Ceyhan, the price of "Azeri Light" increased by $1.37 (2.22%) to $63.07 per barrel.
Meanwhile, the price of URALS crude oil rose by $1.34 (2.76%) to $49.81 per barrel, while "Dated Brent" oil from the North Sea increased by $1.23 (2.01%) to $62.32 per barrel.
The official exchange rate as of May 8 is 1.7 AZN per USD.
For reference, the average oil price projected in Azerbaijan’s 2025 state budget is $70 per barrel.
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