BAKU, Azerbaijan, September
29. The price of Azerbaijan’s Azeri Light crude
on a CIF basis at Italy’s Augusta port fell by $0.97, or 0.79%,
from the previous level to $122.49 per barrel, a source in the oil
market told Trend.
On an FOB basis at Türkiye’s Ceyhan port, the price of Azeri
Light crude decreased by $1.13, or 0.97%, to $115.68 per
barrel.
The price of Urals crude declined by $0.95, or 1.1%, from the
previous level to $85.54 per barrel.
The price of North Sea Dated Brent crude grew by $1, or 0.81%,
to $124.02 per barrel.
Azerbaijan’s state budget for 2026 is based on an average oil
price of $65 per barrel.
According to Trading Economics, crude oil prices continued to
rise on Tuesday, climbing above $93 per barrel. This was reportedly
driven by ongoing uncertainty surrounding U.S.-Iran talks, which
outweighed the resumption of supplies via Saudi Arabia's East-West
oil pipeline. According to reports, Iranian officials have cast
doubt on the possibility of reaching an agreement to halt military
operations in the Middle East and reopen the Strait of Hormuz prior
to the U.S. midterm elections in November.
Limited progress was made during recent U.S.-Iran talks in New
York. Meanwhile, U.S. President Donald Trump rejected a recent
proposal put forward by Tehran regarding the reopening of the
Strait of Hormuz.
At the same time, it is reported that Trump is considering
easing sanctions on Iran and releasing frozen funds, provided that
tangible progress is made regarding the nuclear deal.
Meanwhile, Saudi Arabia has reportedly restored oil flow to
approximately 3.5 million barrels per day following the completion
of repairs on a key oil pipeline that provides an alternative route
bypassing the Strait of Hormuz,” the Trading Economics report
notes.
