Price of Azerbaijani 'Azeri Light' oil rises in international markets
The price of Azerbaijani “Azeri Light” crude oil has seen a notable increase in global markets, according to the latest data, Azernews reports.
At the Italian port of Augusta, the CIF (Cost, Insurance and Freight) price of “Azeri Light” rose by $4.19, or 5.70%, reaching $77.64 per barrel.
Similarly, at the Turkish port of Ceyhan, the FOB (Free on Board) price increased by $4.19, or 5.80%, bringing the value to $76.39 per barrel.
In comparison, the price of Russian URALS crude oil climbed by $4.25, or 7.36%, to $61.99 per barrel, while the North Sea’s “Dated Brent” benchmark rose by $4.34, or 6.13%, reaching $75.19 per barrel.
For reference, the average oil price forecast in Azerbaijan’s state budget for 2025 is set at $70 per barrel.
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