Azeri Light oil price falls below $114 per barrel

The price of Azerbaijan’s “Azeri Light” crude oil declined at Italy’s Augusta port on a CIF basis, falling by $2.04, or 1.77%, from the previous level to $113.48 per barrel.

AzerNEWS reports that the price of a barrel of “Azeri Light” crude at Türkiye’s Ceyhan port on an FOB basis also decreased by $2.01, or 1.78%, to $110.98.

Meanwhile, the price of “Urals” crude dropped by $1.89, or 2.07%, compared to the previous figure, settling at $89.55 per barrel.

The price of “Dated Brent” crude produced in the North Sea also moved lower, declining by $1.61, or 1.45%, to $109.59 per barrel.

Despite the recent decline in global oil prices, Azerbaijan’s benchmark crude remains significantly above the average oil price assumption of $65 per barrel set in the country’s 2026 state budget.