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 $6.41, or 8.47%,
on July 8 from the previous level, coming in at $82.07 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 $6.47, or 8.87%, to $79.41 per barrel.
The price of URALS crude rose by $6.5, or 15.14%, to $49.43 per
barrel, while Brent Dated crude from the North Sea grew by $6.49,
or 9.03%, to $78.36 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, the price of oil exceeded $72
per barrel on Thursday and has risen more than 8% since the start
of the week after the U.S. military launched new airstrikes against
Iran and revoked the country's permit to sell oil on the global
market.
"These moves follow a series of recent attacks on vessels
transiting the Strait of Hormuz, including a Qatari liquefied
natural gas (LNG) tanker and a Saudi oil tanker. The renewed
conflict has jeopardized the temporary peace agreement between the
U.S. and Iran and heightened fears of further disruptions to global
energy supplies. The risk is that shipowners and regional producers
may abandon the strategically important Strait of Hormuz," the
platform said.
Besides, according to Trading Economics, the escalation of the
conflict has dramatically changed previous expectations about a
possible supply glut in the market, which were formed after OPEC+
countries increased production quotas and Middle Eastern producers
began to increase oil production.
