BAKU, Azerbaijan, September
24. The price of Azerbaijan’s Azeri Light crude
on a CIF basis at the Italian port of Augusta increased by $3.69,
or 3.13%, compared with the previous figure, to $121.43 per
barrel.
According to information from oil market participants, the price
of Azeri Light on a FOB basis at the Turkish port of Ceyhan rose by
$3.71, or 3.34%, to $114.72 per barrel.
The price of URALS crude rose by $4,08 or 5.18%, compared with
the previous figure, to $82.87 per barrel.
Meanwhile, the price of North Sea Dated Brent declined by $3.43,
or 2.95%, to $119.86 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 fell
below $92 per barrel on Thursday. This reportedly occurred amid
growing uncertainty surrounding negotiations between the U.S. and
Iran, which led to a partial reversal of the gains made during the
previous trading session.
Iranian President Masoud Pezeshkian stated in his address to the
UN General Assembly that Tehran will not back down in the face of
threats. He noted that Iran will not renounce its right to develop
nuclear technology for economic development.
Pezeshkian also stated that Iran will not allow freedom of
navigation in the Strait of Hormuz as long as U.S. sanctions and
the blockade remain in place.
In the U.S., Energy Secretary Chris Wright stated that, rather
than imposing an official ban on diesel fuel exports, the Donald
Trump administration is working with American oil refiners to
achieve a voluntary reduction in diesel fuel exports.
Meanwhile, Saudi Arabia is taking steps to resume oil exports
via the important East-West pipeline.
Ukrainian President Volodymyr Zelenskyy also stated that he
discussed with President Donald Trump the issue of a ceasefire
regarding energy facilities.
