Azernews.Az

Qabil Ashirov

Read more

Azerbaijan’s flagship crude grade, Azeri Light, posted a notable decline in international markets, mirroring a broader downturn across major global oil benchmarks.

AzerNEWS reports that the price of Azeri Light crude delivered on a CIF basis to Italy’s Augusta port fell by $2.54, or 3.07 percent, from the previous session to $80.06 per barrel.

Meanwhile, the price of Azeri Light loaded at Türkiye’s Ceyhan port on an FOB basis declined by $2.50, or 3.11 percent, settling at $77.88 per barrel.

The downward trend was also evident across other key crude grades. Russia’s Urals crude dropped by $2.77, or 5.06 percent, to $51.95 per barrel compared with the previous trading session.

Likewise, North Sea benchmark Dated Brent recorded a decline of $2.85, or 3.55 percent, falling to $77.50 per barrel.

Despite the recent market correction, Azeri Light continues to trade significantly above the oil price assumption used in Azerbaijan’s state budget. The government has based its 2026 budget calculations on an average oil price of $65 per barrel, providing a substantial buffer against market volatility.