Baku: The cost of Azerbaijani Azeri Light crude oil has witnessed a notable decrease, dropping by $3.79 and settling at $72.84 per barrel based on CIF in the Italian port of Augusta on October 28. This decline is significant when compared to the previous figures.
According to Trend News Agency, the price of Azeri LT FOB Ceyhan also saw a reduction, falling by $3.76 to $71.4 per barrel. In addition to Azerbaijani oil prices, the price of URALS crude oil was recorded at $59.78 per barrel, marking a decrease of $3.78 from its previous price.
The broader market also reflected this downward trend, with the price of a barrel of Dated Brent oil produced in the North Sea declining by $3.64 on October 28, compared to its previous indication, bringing the price to $72.2 per barrel. The official exchange rate on October 29 stands at 1.7 AZN/1 USD.