BAKU, Azerbaijan, October 20.
The price of Azerbaijan's Azeri Light crude oil on a CIF basis at
Italy's Augusta port rose by $2.27, or 1.95%, from the previous
level to $118.53 per barrel, a source in the oil market told
Trend.
The source said that the price of Azeri Light crude on a FOB
basis at Türkiye's Ceyhan port decreased by $2.25, or 2.13%, to
$107.67 per barrel.
The price of Urals crude grew by $3.29, or 4%, to $85.61 per
barrel. The price of North Sea Dated Brent crude increased by
$1.02, or 0.87%, to $117.61 per barrel.
Azerbaijan's state budget for 2026 is based on an average oil
price of $65 per barrel.
According to Trading Economics, on Tuesday, the price of crude
oil approached $99 per barrel, reaching its highest level in a
month against the backdrop of escalating conflicts in the Middle
East and Eastern Europe.
"This situation has overshadowed signs of robust energy supplies
from the Persian Gulf.
Iran has declared that it maintains control over the Strait of
Hormuz. Maritime authorities have reported several attacks on
commercial vessels. Meanwhile, Saudi Arabia and the Iranian-backed
Houthis in Yemen have exchanged strikes. At the same time, Russia
and Ukraine have resumed attacks on energy infrastructure.
Furthermore, U.S. Secretary of Energy Chris Wright stated that
oil supplies from the Persian Gulf have recovered to approximately
80% of pre-war levels. However, the supply of refined petroleum
products remains limited.
The Trump administration is also permitting the sale of oil
tankers currently under sanctions, allowing them to legally
transport crude oil. It’s estimated that there are approximately
1,600 such vessels—a 'shadow fleet' operating globally and used to
circumvent sanctions," the Trading Economics report noted.
