Azeri Light oil prices drop over 5% in global markets

The price of Azerbaijan’s Azeri Light crude oil declined on international markets, reflecting broader weakness in global crude benchmarks, AzerNEWS reports.

The CIF price of Azeri Light at Italy’s Augusta port dropped by $7.27, or 5.78 percent, to $118.56 per barrel compared to the previous trading session.

At the same time, the FOB price at Turkey’s Ceyhan port decreased by $6.98, or 5.77 percent, reaching $114.04 per barrel.

Benchmark crude prices also fell. The price of Urals crude oil declined by $7.37, or 7.72 percent, to $88.15 per barrel.

Similarly, Dated Brent fell by $8.02, or 6.04 percent, to $124.72 per barrel.

For comparison, Azerbaijan has set the average oil price in its 2026 state budget at $65 per barrel.