BAKU, Azerbaijan, August 15. The CIF price of
Azerbaijan's Azeri Light crude at Italy's Augusta port decreased by
$1.42, or 1.51%, from the previous level to $93.97 per barrel, a
source in the oil market told Trend.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went
down by $1.64, or 1.8%, to $89.36 per barrel.
The price of Urals crude dropped by $0.55, or 0.86%, from the
previous level to $63.48 per barrel.
Meanwhile, the price of North Sea “Dated Brent” crude fell by
$0.67, or 0.72%, to $92.06 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price
assumption of $65 per barrel.
Azerbaijan’s state budget for 2026 is based on an average oil
price of $65 per barrel.
According to Trading Economics, oil prices rose above $82 per
barrel on Friday, bringing the weekly increase to more than 5
percent. The rise was attributed to increased economic pressure by
the United States on Iran aimed at forcing the reopening of the
Strait of Hormuz.
“U.S. Treasury Secretary Scott Bessent said Washington would
impose unprecedented economic measures against Iran and continue
its naval blockade of Iranian ports. Additional measures are
expected to be announced next week.
The International Energy Agency (IEA) has also warned that the
global oil market deficit could deepen further. The agency
forecasts the largest global oil supply shortfall in five years in
2026.
Meanwhile, Iran and Oman have not yet reached an agreement on
reopening the Strait of Hormuz, despite earlier reports that a deal
was close.
U.S. officials said American forces are increasing their ability
to escort vessels passing through the strait. However, shipping
risks remain high, with some tankers switching off their
transponders.
In the Red Sea, Iran-backed Houthi forces have also attacked
Saudi Arabia’s Jizan oil refinery.
At the same time, additional volumes of crude oil from the
Middle East are expected to reach the United States, which could
help partially replenish low domestic oil inventories,” the report
said.
