Azerbaijan's Azeri Light Crude Oil Price Falls, Affecting 2026 Budget

Wedoany.com Report on Jan 31st, According to oil market sources speaking to Trend, on January 26, the price of Azerbaijan's Azeri Light crude oil fell at several major ports. At Italy's Augusta port, the CIF price for this crude oil decreased by $0.48 compared to the previous day, a drop of 0.7%, reaching $67.86 per barrel. Simultaneously, at Turkey's Ceyhan port, the FOB price for Azeri Light crude also declined by $0.51, a decrease of 0.78%, to $65.25 per barrel. Such price fluctuations are a common phenomenon in the global energy market, influenced by a combination of multiple supply and demand factors and the international situation.

Other crude oil varieties showed similar trends. The price of Urals crude fell by $0.51, a drop of 1.38%, to $36.56 per barrel. The price of North Sea Brent crude decreased by $0.45, a decline of 0.66%, reaching $67.82 per barrel. These price movements reflect the volatility of the global oil market.

Azerbaijan's 2026 state budget is formulated based on an average oil price of $65 per barrel. Azeri Light crude, as Azerbaijan's main export product, means its price changes could impact budget execution. Monitoring market dynamics helps in understanding the current economic trends.