The price of Azerbaijan’s Azeri Light crude at Italy’s Augusta port, on a CIF basis, moved up by $4.3, or 3.36%, on March 31 from the previous level, coming in at $132.35 per barrel, a source in the oil market said.
At Türkiye’s Ceyhan port, the FOB price of Azeri Light crude increased by $4.5, or 3.72%, to $125.55 per barrel.
The price of URALS crude went up by $3.46, or 3.64%, to $98.56 per barrel, while Brent Dated crude from the North Sea rose by $3.75, or 3.04%, to $127.24 per barrel.
Azerbaijan’s 2026 state budget is based on an average oil price of $65 per barrel.
The all-time low for Azeri Light was $15.81 per barrel on April 21, 2020, while the record high stood at $149.66 per barrel in July 2008.
Azeri Light oil is produced under the contract for the development of the Azeri‑Chirag‑Gunashli block of fields. SOCAR holds a 31.65% stake in this project.
