BAKU, Azerbaijan, May 2. The price of Azerbaijan’s benchmark "Azeri Light" crude has dropped in recent trading, source in the oil market told TurkicWorld
At Italy’s Augusta port, the price of Azeri Light fell by $2.58, or 2.11%, to $119.68 per barrel. On a FOB basis at Turkey’s Ceyhan port, the same crude declined by $2.52, or 2.12%, to $116.46 per barrel.
Other global oil benchmarks also posted losses. Russia’s Urals crude fell by $2.74, or 2.79%, to $95.42 per barrel. Meanwhile, North Sea Dated Brent dropped by $4.91, or 4%, to $117.95 per barrel.
Despite the recent fluctuations, Azerbaijan’s state budget for 2026 is based on an average oil price of $65 per barrel.
