BAKU, Azerbaijan, September
23. The price of Azerbaijan’s Azeri Light crude
on a CIF basis at the Italian port of Augusta increased by $0.91,
or 0.78%, compared with the previous figure, to $117.74 per
barrel.
According to information from oil market participants, the price
of Azeri Light on a FOB basis at the Turkish port of Ceyhan rose by
$0.92, or 0.84%, to $111.01 per barrel.
The price of URALS crude rose by $0.2, or 0.25%, compared with
the previous figure, to $78.79 per barrel.
Meanwhile, the price of North Sea Dated Brent declined by $1.98,
or 1.67%, to $116.43 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price
assumption of $65 per barrel.
According to the latest data from Trading Economics, on
Wednesday, the price of crude oil approached the $89-per-barrel
mark. Prices fell for the sixth consecutive session amid signs of
progress in U.S.-Iran talks and ongoing efforts to restore
operations at a key oil pipeline in Saudi Arabia.
U.S. President Donald Trump described a meeting with Iranian
representatives as "very productive." He stated that he faced a
choice between seeking a negotiated agreement and "annihilating the
Islamic Republic." Trump is also expected to meet with leaders from
other Persian Gulf nations later this week.
A senior Iranian government official stated that Tehran's
proposal had been conveyed to the U.S. According to the official,
Tehran is prepared to reopen the Strait of Hormuz within seven days
if Washington takes steps to lift the blockade that severely
restricts Iran's oil exports.
Meanwhile, Saudi Arabia is working to resume exports via the
vital East-West oil pipeline in the coming days. This will allow
Riyadh to once again utilize an alternative route that bypasses the
Strait of Hormuz.," reports Trading Economics.
