BAKU, Azerbaijan, August 14. The CIF price of
Azerbaijan's Azeri Light crude at Italy's Augusta port decreased by
$1.53, or 1.6%, from the previous level to $93.97 per barrel, a
source in the oil market told Trend.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went
down by $1.69, or 1.82%, to $91.00 per barrel.
The price of Urals crude dropped by $1.01, or 1.55%, from the
previous level to $64.03 per barrel.
Meanwhile, Dated Brent crude produced in the North Sea fell by
$0.83, or 0.89%, to $92.73 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price
assumption of $65 per barrel.
According to Trading Economics, the price of crude oil remained
at around $81 per barrel on Friday. It is reported that a
wait-and-see attitude prevails in the market, as investors monitor
diplomatic efforts to resume shipping through the Strait of
Hormuz.
“Despite ongoing disagreements, crude oil shipments from the
Persian Gulf continue. Some tankers are sailing with their
transponders turned off. At the same time, vessels passing through
the Strait of Hormuz continue to face constant threats.
The U.S. also reports that up to 9 million barrels of oil per
day are currently being transported through this waterway. At the
same time, the capabilities of U.S. forces to escort tankers
continue to expand.
As for demand, the International Energy Agency (IEA) lowered its
forecast for global oil demand this week. The agency stated that
the protracted conflict and high prices are putting increasing
pressure on oil consumption.
OPEC has also lowered its forecast for global oil demand growth
in 2026 to 580,000 barrels per day. This is the organization’s
fourth consecutive downward revision,” the statement said.
