BAKU, Azerbaijan, July 28. The price of
Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's
Augusta port decreased by $7.15, or 6.96%, from the previous
session to $95.58 per barrel, a source in the oil market told
Trend about
this.
"The price of Azerbaijan's Azeri Light crude on an FOB basis at
the Turkish port of Ceyhan fell by $7.27, or 7.36%, to $91.48 per
barrel. The price of URALS crude went down by $7.39, or 11.43%,
from the previous session to $57.26 per barrel. The price of North
Sea Dated Brent crude fell by $7.78, or 7.91%, from the previous
session to $90.55 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, crude oil prices fell to $81 a
barrel on Tuesday, their third straight session of decline, after
U.S. President Donald Trump said he was holding "productive talks"
with Iran to end the conflict in the Middle East.
"The statement has raised optimism that oil supplies from the
region could return to normal.
Trump has reportedly decided to halt strikes on Iran to give
talks another chance. The U.S. quietly halted its strikes on Iran
late on Friday after nearly two weeks of confrontation. Tehran has
responded by halting retaliatory strikes on U.S. military bases in
neighboring countries.
Meanwhile, Iranian and Omani officials held talks over the
weekend to reach an agreement to reopen shipping in the
strategically important Strait of Hormuz.
On the supply side, the situation has also improved. Crude oil
exports have resumed through the Caspian Pipeline Consortium (CPC)
terminal on Russia's Black Sea coast, which was disrupted by
Ukrainian drone attacks. The terminal is considered one of the main
routes for Kazakh oil exports," the report noted.
