BAKU, Azerbaijan, July 7. The price of
Azerbaijan’s Azeri Light crude at Italy’s Augusta port, on a CIF
(Cost, Insurance, and Freight) basis, increased by $0.78, or 1.1%,
on July 6 from the previous level, coming in at $73.71 per
barrel.
This is reflected in the information from the oil market
participants.
"At Türkiye’s Ceyhan port, the FOB (Free on Board) price of
Azeri Light crude went up by $0.67, or 0.9%, to $71.15 per barrel.
The price of URALS crude rose by $0.79, or 2%, to $40.95 per
barrel, while Brent Dated crude from the North Sea grew by $0.53,
or 0.8%, to $69.88 per barrel," the information said.
Azerbaijan’s 2026 state budget is based on an average oil price
of $65 per barrel.
According to Trading Economics, oil traded near $69 per barrel
on July 7, hovering near its lowest level in more than four months
amid continued expectations of rising global supply, while shipping
through the Strait of Hormuz continued to recover.
According to the platform, at least eight Japan-bound vessels
departed the strategically important strait via a route near Iran,
including five supertankers, each capable of carrying up to 2
million barrels of oil.
