BAKU, Azerbaijan, July 30. The price of
Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's
Augusta port increased by $6.97, or 7.64%, from the previous
session to $98.19 per barrel, a source in the oil market told
Trend.
"The price of Azerbaijan's Azeri Light crude on an FOB basis at
the Turkish port of Ceyhan also rose by $7.23, or 8.32%, to $94.12
per barrel. The price of URALS crude grew by $6.46, or 11.96%, from
the previous session to $60.48 per barrel. The price of North Sea
Dated Brent crude rose by $5.46, or 6.37%, from the previous
session to $91.20 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 continued to rise
on Thursday, surpassing $85 per barrel. It was reported that this
was due to the U.S. launching further airstrikes on Iran in
response to attacks on American forces in the Middle East, and
growing concerns that this could cause new disruptions in global
energy supplies.
“At the same time, no possible agreement has been
reached between the parties. No progress has been recorded in the
negotiations because Tehran insists on maintaining control over the
Strait of Hormuz.
The conflict has already spread beyond the Strait of
Hormuz to include the Red Sea region as well. The Iran-backed
Houthi group in Yemen has threatened to blockade Saudi Arabia. In
response, Riyadh has joined U.S. forces in striking targets in Iraq
linked to Iran-backed armed groups.
Meanwhile, in the U.S., commercial crude oil
inventories recorded their largest decline since mid-June,
indicating a tightening of supply in the physical market. The
country’s strategic petroleum reserves have also declined for the
18th consecutive week, falling to their lowest level since 1983,”
the report noted.
