BAKU, Azerbaijan, September
30. The price of Azerbaijan’s Azeri Light crude
on a CIF basis at Italy’s Augusta port fell by $4.27, or 3.5%, from
the previous level to $118.22 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 $4.23, or 3.7%, to $111.45 per barrel.
The price of Urals crude declined by 4.65, or 5.4%, from the
previous level to $80.89 per barrel.
The price of North Sea Dated Brent crude went down by $4.93, or
4%, to $119.09 per barrel.
Azerbaijan’s state budget for 2026 is based on an average oil
price of $65 per barrel.
According to Trading Economics, the price of WTI oil remained
below 90 dollars per barrel on Wednesday after a sharp decline in
the previous session. It is noted that signs of improvement in
energy flows from the Middle East and the next major release of oil
from the strategic reserves of the U.S. contributed to the
weakening of fears about supplies.
Analysts note that the 10-day average volume of oil exports from
the Middle East has recovered to 17.5 million barrels per day,
which corresponds to 98% of the level before the start of the
war:
"This is happening against the background of the resumption of
oil exports by Saudi Arabia through the East-West pipeline at
approximately half of its capacity, while stable oil supplies
continue via hidden routes through the Strait of Hormuz.
The U.S. government plans to release up to 40 million barrels of
oil from the Strategic Petroleum Reserve (SPR) against the backdrop
of a sharp rise in fuel prices in the country.
These industries also showed that crude oil reserves in the U.S.
grew by 1 million barrels last week.
At the same time, the American oil standard remains on the way
to the third consecutive monthly growth against the background of
the protracted conflict between the U.S. and Iran and large-scale
disruptions in supplies,” the Trading Economics report notes.
