Azernews.Az

Qabil Ashirov

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The price of Azerbaijan’s Azeri Light crude oil at Italy’s Augusta port fell by $1.82, or 2.71 percent, compared to the previous level, settling at $65.21 per barrel on a CIF basis, Azernews reports.

At Turkiye’s Ceyhan terminal, the price of Azeri Light crude traded on an FOB basis declined by $1.85, or 2.84 percent, to $63.17 per barrel.

Meanwhile, Russia’s Urals crude dropped by $1.84, or 3.43 percent, to $51.87 per barrel, while North Sea “Dated Brent” oil decreased by $1.8, or 2.73 percent, reaching $64.20 per barrel.

The decline comes amid broader market pressures, including signs of slowing global demand and concerns over high inventories. Despite recent fluctuations, Azerbaijan’s 2025 state budget projects an average oil price of $70 per barrel, suggesting a cautious but stable outlook for the country’s energy revenues.