BAKU, Azerbaijan, October 16. The price of
Azerbaijani Azeri Light crude oil on a CIF basis at the Italian
port of Augusta fell by $5.1, or 4.1%, compared to the previous
figure, reaching $119.04 per barrel, a source in the oil market
told Trend.
According to the information, the FOB price of a barrel of Azeri
Light crude at the Turkish port of Ceyhan fell by $4.3, or 3.8%, to
$108.49.
The price of Urals crude oil fell by $0.05, or 0.1%, compared to
the previous figure, reaching $83.40 per barrel.
The price of a barrel of Dated Brent crude, produced in the
North Sea, fell by $1.57, or 1.2%, compared to the previous figure,
reaching $125.98 per barrel.
Azerbaijan’s 2026 state budget assumes an average oil price of
$65 per barrel.
According to the latest data from Trading Economics, the price
of Brent crude exceeded $105 per barrel on Friday, and by the end
of the week it was trending upward amid growing concerns about
disruptions to oil supplies from the Middle East.
"U.S. Central Command confirmed that a Singapore-flagged
container ship that sank in the Strait of Hormuz earlier this week
was struck by an Iranian missile. This heightened uncertainty
regarding the resumption of physical oil shipments and led to a
record increase in tanker freight rates.
Rising tensions between Saudi Arabia and the Iran-backed Houthi
forces in Yemen have also heightened the risk of supply
disruptions.
Meanwhile, the International Energy Agency (IEA) agreed to begin
releasing the remaining 100 million barrels of oil as part of a
coordinated intervention launched in March, following lobbying
efforts by U.S. officials.
In addition, data from the U.S. Energy Information
Administration (EIA) showed that the country’s crude oil
inventories fell by 8.6 million barrels last week. This was the
most significant decline since February,” according to Trading
Economics.
In addition, it is noted that Brent crude performed worse than
WTI this week, as the decline in the cost of transporting U.S.
crude boosted demand for it.
