Azerbaijani Oil Price Hits $122 Per Barrel Amid Global Market Shifts

Azerbaijan's Azeri Light oil price has surpassed $122 per barrel on a CIF basis at the Italian port of Augusta, marking an increase of $1.29 or 1.1% from the previous figure.

The price of Azeri Light on a FOB basis at the Turkish port of Ceyhan rose by $0.80 or 0.7%, reaching $116.30 per barrel.

In contrast, the price of URALS crude decreased by $0.91 or 1.1% to $85.12 per barrel, while North Sea Dated Brent declined by $0.05 or 0.04% to $125.42 per barrel.

Azerbaijan's 2026 state budget is based on an average oil price assumption of $65 per barrel, which is significantly lower than the current market price.