Azeri Light falls 2.92% to $124.14 per barrel at Italy’s Augusta

Photo: SOCAR AQS

BAKU, Azerbaijan, October 15. The price of Azerbaijani “Azeri Light” crude oil on CIF terms at the Italian port of Augusta fell by $3.73, or 2.92%, compared to the previous figure, reaching $124.14 per barrel, a source in the oil market told Trend.

According to the information, the price of a barrel of “Azeri Light” crude on FOB terms at the Turkish port of Ceyhan fell by $3.72, or 3.19%, to $112.79.

The price of Urals crude fell by $2.33, or 2.72%, compared to the previous figure, reaching $83.45 per barrel.

The price per barrel of Dated Brent crude, produced in the North Sea, fell by $2.97, or 2.28%, compared to the previous figure, reaching $127.55.
Azerbaijan’s 2026 state budget assumes an average oil price of $65 per barrel.

According to Trading Economics, oil prices approached the $94-per-barrel mark on Thursday, likely due to a technical correction and profit-taking by investors following five consecutive sessions of price gains.

"Investors also reacted to reports that the United States is considering easing sanctions on ships carrying oil and petroleum products from countries such as Russia, Iran, and Venezuela, which are part of the so-called ‘shadow fleet’, in an effort to lower record-high global freight rates.

However, the sinking of a container ship in the Strait of Hormuz on Wednesday after it was struck by unidentified missiles heightened concerns about supplies. At the same time, Iran-backed Houthis continue to launch missile and drone attacks on Saudi Arabia.

Russia also accused Ukraine of attacking two oil refineries on Wednesday, including the Ryazan refinery with a capacity of 400,000 barrels per day. Moscow claims that the attacks violated the “energy truce” announced by U.S. President Donald Trump," the report states.