Azeri Light oil trades above $70 per barrel

The global oil markets are demonstrating confident growth, and the Azerbaijani brand Azeri Light has not been left behind, surpassing the psychologically important mark of $70 per barrel. This price increase is a significant event, especially in light of Azerbaijan’s budget plans for the upcoming 2025 year.

At the Italian port of Augusta, the price of Azeri Light oil, delivered on a CIF basis, rose to $70.68 per barrel. This represents an increase of $1.25, or 1.8%, compared to the previous trading figures. A similar positive trend is observed in the Turkish port of Ceyhan, where the price of the same brand on an FOB basis reached $69.15, up $1.21 (1.78%).

The overall trend of rising prices has also affected other key grades. Russian oil URALS rose by $0.95 (1.68%), reaching $57.45 per barrel. North Sea Dated Brent also gained in price, increasing by $0.96 (1.42%) and trading at $68.56 per barrel.

These price trends are of particular importance for Azerbaijan. In the draft state budget for 2025, the average oil price is set at $70 per barrel. The current price increase for Azeri Light above this level may create favorable conditions for filling the budget and implementing the country’s economic programs.