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Azerbaijani oil prices dip amid market shifts

Economy Materials 8 May 2025 09:37 (UTC +04:00)
Azerbaijani oil prices dip amid market shifts
Evez Hasanov
Evez Hasanov
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BAKU, Azerbaijan, May 8.​ The price of Azerbaijan’s Azeri Light crude oil on a CIF basis in the Italian port of Augusta on May 7 decreased by $1.69 (2.6 percent) compared to the previous rate, now sitting at $63.25 per barrel, Trend reports, citing a source in the country's oil and gas market.

On an FOB basis in the Turkish port of Ceyhan, the price of Azeri Light went down by $1.64 (2.6 percent) to $61.7 per barrel.

Meanwhile, the price of URALS crude fell by $1.5 (3 percent) from the previous rate, amounting to $48.47 per barrel.

North Sea benchmark crude, Dated Brent, decreased by $1.65 (3.55 percent) in price from the previous rate and reached $61.09 per barrel

The official exchange rate as of May 7 is 1.7 AZN/1 USD.

The average price of a barrel of oil in the state budget of Azerbaijan for 2025 is estimated at $70.

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