Wedoany.com Report-Apr. 8, On April 7, the price of Azerbaijan’s Azeri Light crude oil dropped by $1.5 (2.15%) on a CIF basis at the Italian port of Augusta, reaching $68.14 per barrel, which cited a source in Azerbaijan’s oil and gas sector. At the Turkish port of Ceyhan, on an FOB basis, the price of Azeri Light fell by $1.49 (2.19%), settling at $66.53 per barrel.

In the same period, the price of URALS crude declined by $1.39 (2.68%) from its prior level, now standing at $50.5 per barrel. Similarly, the North Sea’s Dated Brent benchmark saw a decrease of $1.22 (3.22%) from its previous price of $66.68 per barrel. These shifts reflect a broader trend of softening oil prices across key markets.

Azerbaijan has set the average oil price in its 2025 state budget at $70 per barrel, providing a reference point for its fiscal planning. The recent price changes in Azeri Light, URALS, and Dated Brent indicate fluctuations in the global oil market, influencing export revenues for oil-producing countries like Azerbaijan.

The reported prices highlight the ongoing dynamics in the oil trade, with Azeri Light being a significant export commodity shipped from Ceyhan to international markets like Augusta. Despite the declines, Azerbaijan’s budget projection suggests confidence in maintaining a stable economic outlook for the coming year based on its oil sector performance.