Azerbaijani Azeri Light crude oil prices decline

The price of Azerbaijan’s Azeri Light crude oil has decreased. At Italy’s Augusta port, the CIF price fell by $4.27 (3.49%) to $118.22 per barrel. At Türkiye’s Ceyhan port, the FOB price dropped by $4.23 (3.66%) to $111.45 per barrel.

Other market shifts include Urals crude declining by 5.44% to $80.89 per barrel, while North Sea Dated Brent rose by 3.97% to $119.09 per barrel. Azerbaijan’s 2026 state budget assumes an average oil price of $65 per barrel.

Market analysts attribute the weakening of supply concerns to improved energy flows from the Middle East and planned releases from the United States Strategic Petroleum Reserve (SPR). Middle East oil exports have reached a 10-day average of 17.5 million barrels per day, approximately 98% of pre-war levels. This recovery includes Saudi Arabia resuming exports via the East-West pipeline at roughly half capacity, alongside continued flows through the Strait of Hormuz. Additionally, the U.S. government plans to release up to 40 million barrels from its SPR to address rising fuel prices.