Azeri Light crude oil nears $71 mark amid global market rally

 Azerbaijan's flagship "Azeri Light" crude oil continued its upward trajectory on Wednesday, trading near multi-month highs. The price for Azeri Light (CIF) at the Italian port of Augusta rose by $1.15, or 1.6%, to settle at $70.92 per barrel.

At the Turkish port of Ceyhan, the FOB price for Azeri Light increased by $1.10 to $69.45 per barrel. The surge comes as international benchmarks gain ground due to supply chain disruptions in the Red Sea and optimistic demand forecasts from major economies.

Current market levels remain comfortably above the $65 per barrel baseline established in Azerbaijan’s 2026 state budget.

N.Tebrizli