BAKU, Azerbaijan, May 23. The price of Azerbaijan’s Azeri Light crude at Italy’s Augusta port, on a CIF (Cost, Insurance, and Freight) basis, decreased by $4.09 or 3.6%, on May 22 from the previous level, coming in at $110.05 per barrel, a source in the oil market told TurkicWorld.
At Türkiye’s Ceyhan port, the FOB (Free on Board) price of Azeri Light crude went down by $4.09, or 3.7%, to $107.73 per barrel.
The price of URALS crude dropped by $4.47, or 5%, to $85.05 per barrel, while Brent Dated crude from the North Sea fell by $4.48, or 4%, to $107.23 per barrel.
Azerbaijan’s 2026 state budget is based on an average oil price of $65 per barrel.
