Azerbaijan’s Azeri Light Gains Momentum, Price Climbs in Italian Market

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.