BAKU, Azerbaijan, October 22. The price of
Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's
Augusta port increased by $0.02, or 0.02%, compared with the
previous figure, reaching $119.70 per barrel, oil market
participants reported.
Meanwhile, the price of Azeri Light on an FOB basis at Türkiye's
Ceyhan port fell by $0.10, or 0.1%, to $109.11 per barrel.
The price of Urals crude rose by $0.86, or 0.98%, to $88.31 per
barrel. Dated Brent crude from the North Sea increased by $1.66, or
1.4%, to $119.79 per barrel.
Azerbaijan's state budget for 2026 is based on an average oil
price of $65 per barrel.
According to Trading Economics, oil prices exceeded $98 per
barrel on Thursday, recovering losses recorded in the previous
session.
“The price increase was driven by a drone attack on the Shaybah
oil field, owned by Saudi Aramco, which killed two people. The
incident highlighted rising tensions in the Middle East and
heightened concerns about further disruptions to energy supplies.
The United States has also ordered some employees of its diplomatic
missions in Saudi Arabia, along with their family members, to leave
the country.
Meanwhile, Ukraine carried out large-scale drone attacks this
week targeting key Russian oil infrastructure facilities. The move
signals Kyiv's intention to prevent Moscow from increasing diesel
exports under an agreement reached between Presidents Donald Trump
and Vladimir Putin.
However, further price increases may be limited by rising crude
oil supplies from the Middle East, with export volumes approaching
pre-war levels. Saudi Arabia's crude oil exports rose by 7.9% in
August, reaching their highest level since March. Russia is also
expected to deliver its first shipment of diesel fuel to the United
States on Thursday,” the report said.
