Azerbaijan Oil Price Hits New Record at Over $128 Per Barrel
The price of Azerbaijani oil has surpassed $128 per barrel, a significant increase from previous figures. According to information provided by oil market participants, the price of Azeri Light crude on a CIF basis at the Italian port of Augusta rose by $0.74, or 0.6 percent, compared to the previous figure.
The price of one barrel of Azeri Light crude on a FOB basis at the Turkish port of Ceyhan also increased, reaching $122.45 per barrel. In contrast, the price of URALS crude oil decreased by $1.8, or 1.9 percent, to $95.14 per barrel.
Meanwhile, the price of Dated Brent crude, produced in the North Sea, rose by $2.91, or 2.3 percent, reaching $132.19 per barrel. Azerbaijan's state budget for 2026 is based on an average price of $65 per barrel of oil, which is significantly lower than the current market price.