Azeri Light crude prices dip slightly in global oil markets

The price of Azerbaijan’s flagship “Azeri Light” crude oil recorded a slight decline in international markets, AzerNEWS reports.

At Italy’s Augusta port, Azeri Light traded on a CIF (Cost, Insurance, and Freight) basis fell by $0.12, or 0.1%, compared to the previous session, settling at $113.85 per barrel.

Meanwhile, at Türkiye’s Ceyhan port, the price of Azeri Light on a FOB (Free on Board) basis also dipped marginally, decreasing by $0.03, or 0.03%, to $110.75 per barrel.

Other benchmark crudes saw more pronounced declines. Russia’s “Urals” crude dropped by $1.96, or 2.23%, to $89.77 per barrel. Similarly, the North Sea’s “Dated Brent” crude fell by $2.23, or 2%, reaching $113.79 per barrel.

Despite these fluctuations, Azerbaijan has set a conservative benchmark for its fiscal planning. The country’s state budget for 2026 is based on an average oil price of $65 per barrel, reflecting a cautious approach amid ongoing volatility in global energy markets.