BAKU, Azerbaijan, October 7.
The price of Azerbaijan's Azeri Light crude oil on a CIF basis at
Italy's Augusta port decreased by $3.93, or 3.15%, from the
previous figure to $120.68 per barrel, a source in the oil market
told Trend.
Meanwhile, the price of one barrel of Azeri Light on a FOB basis
at Türkiye's Ceyhan port dropped by $3.93, or 3.45%, to
$109.88.
The price of URALS crude oil fell by $5.04, or 5.86%, from the
previous figure to $80.96 per barrel.
The price of one barrel of Dated Brent crude oil produced in the
North Sea declined by $4.45, or 3.47%, to $123.91.
The average oil price in Azerbaijan's state budget for 2026 is
set at $65 per barrel.
According to the latest data from Trading Economics, on
Wednesday, the price of crude oil rose above $90 per barrel,
recovering from a five-week low. This was reportedly driven by
persistent risks regarding energy flows in the Middle East
outweighing signs of rising supply in the region. Iran has
intensified attacks on tankers in the Strait of Hormuz in recent
days. According to the UK Maritime Trade Operations, nine such
incidents have been recorded so far this month. Meanwhile, the
Saudi-led coalition announced that it had intercepted and destroyed
a ballistic missile launched by the Houthis toward the Saudi city
of Khamis Mushait.
"Despite recent events, oil prices have remained low throughout
the week. This is influenced by signs that energy flows from the
Persian Gulf are resuming. Tankers continue to transit the Strait
of Hormuz cautiously, notwithstanding the heightened risks. Saudi
Arabia's East-West oil pipeline has also restored its crude oil
transport capacity to 5.8 million barrels per day.
Industry data from the U.S. showed a 2.1-million-barrel decline
in the country's crude oil inventories last week. Official figures
are expected to be released today," Trading Economics notes.
