BAKU, Azerbaijan, September 16. The CIF price
of Azerbaijan's Azeri Light crude at Italy's Augusta port increased
by $0.74, or 0.58%, from the previous level to $128.03 per barrel,
a source in the oil market told Trend.
FOB price of Azeri Light crude at Ceyhan port in Türkiye also
went up by $0.74, or 0.61%, to $122.45 per barrel.
The price of Urals crude decreased by $1.8, or 1.86%, from the
previous level to $95.14 per barrel.
Meanwhile, the price of North Sea “Dated Brent” crude rose by
$2.91, or 2.25%, to $132.19 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price
assumption of $65 per barrel.
According to Trading Economics, on Wednesday, the price of crude
oil fell below $105 per barrel. This occurred after prices had
reached a four-month high.
"This drop was driven by an unexpected rise in US oil
inventories.
According to data from the American Petroleum Institute (API),
U.S. crude oil stockpiles increased by 7.14 million barrels last
week. This contrasts with the previous week, when inventories had
fallen by 300,000 barrels and analysts had expected another
decline.
Meanwhile, oil loadings at Saudi Arabia's Yanbu port have yet to
resume following the suspension of operations on the critical
East-West oil pipeline. There is currently no precise information
on when operations will restart on this key pipeline, which allows
for bypassing the Strait of Hormuz. The disruption stems from
renewed attacks on Saudi Arabia this week by Iran-backed Houthi
rebels.
In Libya, the national oil company has halted operations at two
oil fields and a pumping station amidst ongoing protests. Despite
this, Libya's total oil production has remained largely stable at
approximately 1.4 million barrels per day," the report noted.
