Azeri Light trades well above 2026 budget benchmark

The price of Azerbaijan’s flagship Azeri Light crude has posted a sharp increase on international markets, reflecting a broader upward trend in global oil prices, AzerNEWS reports.

The price of Azeri Light crude on a CIF basis at the Italian port of Port of Augusta rose by $6.56, or 8.2 percent, compared to the previous session, reaching $86.16 per barrel.

Meanwhile, at Türkiye’s Port of Ceyhan, the price of Azeri Light on an FOB basis increased by $6.14, or 8 percent, to $82.93 per barrel.

Other benchmark crude grades also recorded substantial gains. Russia’s URALS crude climbed by $6.42, or 14.5 percent, to $50.67 per barrel.

Similarly, North Sea benchmark Dated Brent advanced by $7.05, or 9.1 percent, to reach $84.87 per barrel.

The latest surge places Azeri Light well above the benchmark price assumed in Azerbaijan’s 2026 state budget, which is calculated at an average oil price of $65 per barrel. The higher market price could provide additional fiscal space for the country if the upward trend continues.

The increase comes amid heightened volatility in global energy markets, where supply concerns and geopolitical developments continue to influence price dynamics.