BAKU, Azerbaijan, September 17. The CIF price
of Azerbaijan's Azeri Light crude at Italy's Augusta port decreased
by $5.88, or 4.59%, from the previous level to $122.15 per barrel,
a source in the oil market told Trend.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went
down by $5.83, or 4.76%, to $116.62 per barrel.
The price of Urals crude dropped by $7.44, or 7.82%, from the
previous level to $87.80 per barrel.
Meanwhile, the price of North Sea “Dated Brent” crude fell by
$5.73, or 4.33%, to $126.46 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price
assumption of $65 per barrel.
According to the latest data from Trading Economics, after a
sharp decline in the previous session, oil prices were trading
around $102 per barrel on Thursday. It is noted that the price
movement was influenced by reports of Saudi Arabia’s plans to
restore about half of the East-West oil pipeline’s capacity within
a few days and bring it back to full capacity within six weeks.
“This pipeline provides an alternative route that bypasses the
Strait of Hormuz. The pipeline was damaged as a result of drone
attacks last week.
Meanwhile, Saudi Arabia, with the assistance of the U.S.
military, has stepped up efforts to transport larger volumes of
crude oil through the Strait of Hormuz.
U.S. Energy Secretary Chris Wright reported that 18 million
barrels of crude oil and petroleum products passed through the
Strait of Hormuz earlier this week.
In the U.S., according to official data, crude oil inventories
fell by 640,000 barrels to 423.4 million barrels. However, the
decline was less than analysts had expected.
“This figure differed sharply from the estimate previously
published by the American Petroleum Institute (API), according to
which crude oil inventories rose by 7.1 million barrels,” reports
Trading Economics.
