BAKU, Azerbaijan, September 18. The CIF price
of Azerbaijan's Azeri Light crude at Italy's Augusta port decreased
by $1.07, or 0.88%, from the previous level to $121.08 per barrel,
a source in the oil market told Trend.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went
down by $1.12, or 0.96%, to $115.50 per barrel.
The price of Urals crude dropped by $3.49, or 3.98%, from the
previous level to $84.21 per barrel.
Meanwhile, the price of North Sea “Dated Brent” crude fell by
$0.99, or 0.78%, to $125.47 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, on Friday,
the price of crude oil fell for the third consecutive session,
retreating toward the $101-per-barrel mark. This decline was
attributed to easing concerns regarding supply disruptions in the
Middle East, as well as growing hopes for renewed diplomatic
efforts to end the conflict and restore energy flows.
"Saudi Arabia aims to restore approximately half of the
East-West oil pipeline's capacity within a few days, with full
operational capacity expected to be restored within six weeks. In
the meantime, the Kingdom is rerouting a portion of its crude oil
exports via the Strait of Hormuz.
To achieve this, specialized vessels transport crude oil through
the Strait of Hormuz and transfer it to tankers waiting outside the
strait. This method minimizes the risk of tankers being exposed to
potential Iranian attacks.
Reportedly, following a request from Saudi Arabia, China has
urged Iran to help curb the activities of Houthi militants. This
appeal comes at a time when the Houthis have intensified their
attacks on Saudi Arabia's energy infrastructure.
Meanwhile, President Donald Trump has stated that he is
considering whether to resume attacks against Iran ahead of a
meeting with Gulf state leaders in New York next week," reports
Trading Economics.
