photo: APA
The price of Azeri Light crude oil delivered to Italy’s Port of Augusta under CIF (Cost, Insurance, and Freight) terms has increased by $0.53, or 0.71 per cent, reaching $74.70 per barrel.
In parallel, the price of Azeri Light based on FOB (Free On Board) terms at Türkiye’s Port of Ceyhan rose by $0.54, or 0.74 per cent, to $73.46 per barrel, The Caspian Post reports via local media.
Other benchmark crude oils also posted gains. The price of Russia’s Urals crude climbed by $0.52, or 0.9 per cent, to $58.53 per barrel, while Dated Brent, extracted from the North Sea, increased by $0.57, or 0.8 per cent, to $71.30 per barrel.
These price increases come as Azerbaijan’s 2025 state budget projects an average oil price of $70 per barrel, a figure now surpassed by the current market rate of Azeri Light, offering potential fiscal advantages if the trend continues.
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