BAKU, Azerbaijan,
August 20. The price of Azerbaijan’s Azeri Light
crude rose by $0.9, or 0.95%, from the previous level to $95.48 per
barrel on a CIF basis at Italy’s Augusta port, a source from the
oil market told Trend.
At Türkiye’s Ceyhan port, the price of Azeri Light increased by
$0.9, or 1%, to $91.79 per barrel on an FOB basis.
The price of Urals crude rose by $1.47, or 2.21%, to $67.94 per
barrel.
Meanwhile, the price of Dated Brent crude produced in the North
Sea increased by $0.68, or 0.73%, to $93.40 per barrel.
Azerbaijan’s 2026 state budget is based on an average oil price
of $65 per barrel.
According to the latest data from Trading Economics, the price
of Brent crude oil remained stable on Thursday at around $92 per
barrel. It is noted that since the beginning of this week, oil
prices have risen by more than 3% amid growing uncertainty in the
Middle East linked to the ongoing impasse in relations between the
U.S. and Iran.
The parties also remain at odds over the Strait of Hormuz. U.S.
President Donald Trump stated that oil continues to flow through
this waterway and noted that he is open to resuming negotiations
with Tehran “at some point.”
Meanwhile, the UAE accused Tehran of launching ballistic missile
strikes against its territory and announced the suspension of
financial and economic transactions with Iran. This move has
further intensified economic pressure on Iran.
Despite the increased risks, Gulf countries continue to export
significant volumes of crude oil, using alternative routes and
limited transportation capacity.
According to data from the U.S. Energy Information
Administration (EIA), crude oil inventories in the country rose by
4.4 million barrels last week. In comparison, distillate
inventories fell by 1.5 million barrels, reaching their lowest
level in more than a month.
