Baku: The cost of Azerbaijani Azeri Light crude oil saw a notable rise on October 16, increasing by $0.51 to a new price of $75.26 per barrel, according to the latest market data. This increase in price was recorded at the Italian port of Augusta based on CIF terms. The upward trend was also observed in other oil types from the region.

According to Trend News Agency, the price for Azeri LT FOB Ceyhan, another major type of crude oil from Azerbaijan, also increased by $0.51, bringing it to $73.71 per barrel. Similarly, URALS crude experienced an equal hike in its price, with a $0.51 increase making it $61.76 per barrel.

In comparison, the overall market saw Dated Brent oil, produced in the North Sea, rise by $0.41 on the same day, reaching $73.94 per barrel. This increment in the oil prices reflects a broader movement in the global oil market, indicating a potentially bullish trend for oil exporters like Azerbaijan.

The official exchange rate remained stable at 1.7 AZN to 1 USD on the following day, Octobe
r 17, which may influence future financial planning and international trade agreements involving Azerbaijan’s oil exports.