Azerbaijani Azeri Light crude oil prices fluctuate

The price of Azerbaijan’s Azeri Light crude oil has seen recent fluctuations. As of August 28, the CIF price at Italy’s Augusta port rose by $0.80 (0.9%) to $92.32 per barrel. At Türkiye’s Ceyhan port, the FOB price increased by $0.89 (1%) to $89 per barrel. This follows a previous decline on August 27, when the CIF price in Italy dropped to $91.51 and the FOB price in Türkiye fell to $88.11.

Global market conditions remain influenced by developments in the Middle East, specifically regarding the Strait of Hormuz. While Iran and Oman have reached an agreement on revenue distribution for the waterway, Tehran has indicated that this does not guarantee the immediate resumption of shipping. Additionally, oil exports from Persian Gulf countries have reportedly recovered to approximately two-thirds of pre-war levels, reaching 15–16 million barrels per day.

Azerbaijan’s 2026 state budget is currently predicated on an average oil price of $65 per barrel.