BAKU, Azerbaijan, May 2. The price of Azerbaijan’s Azeri Light crude at Italy’s Augusta port, on a CIF (Cost, Insurance, and Freight) basis, decreased by $2.58, or 2.11%, on May 1 from the previous level, coming in at $119.68 per barrel, a source in the oil market told Trend.
At Türkiye’s Ceyhan port, the FOB (Free on Board) price of Azeri Light crude went down by $2.52, or 2.12%, to $116.46 per barrel.
The price of URALS crude declined by $2.74, or 2.79%, to $95.42 per barrel, while Brent Dated crude from the North Sea dipped by $4.91, or 4%, to $117.95 per barrel.
Azerbaijan’s 2026 state budget is based on an average oil price of $65 per barrel.