Azerbaijan Oil Prices Surge Amid Global Market Volatility

Azerbaijan's oil prices have increased in recent days, according to market sources. Baku-based news agency Trend reported that the price of Azeri Light crude rose by $0.8, or 0.9%, from the previous level to $92.32 per barrel on a CIF basis at Italy's Augusta port.

The price of Urals crude also increased, rising by $0.65, or 1%, to $64.97 per barrel.

Meanwhile, the price of Dated Brent crude produced in the North Sea increased by $0.69, or 0.8%, to $89.22 per barrel.

Azerbaijan's state budget for this year is based on an average oil price of $65 per barrel.