BAKU, Azerbaijan, November 3. The price of
Azerbaijani Azeri Light crude oil on a CIF basis at the Italian
port of Augusta decreased by $9.66, or 7.66%, compared to the
previous figure, to $116.50 per barrel, oil market participants
reported.
The price of a barrel of Azeri Light crude on a FOB basis at the
Turkish port of Ceyhan fell by $8.43, or 7.24%, to $108.05.
Urals crude oil dropped by $9.36, or 10.16%, compared to the
previous figure, to $82.78 per barrel.
Dated Brent crude, produced in the North Sea, declined by
$10.27, or 8.65%, compared to the previous reading, to $108.49 per
barrel.
Azerbaijan’s 2026 state budget assumes an average price of $65
per barrel of oil.
According to Trading Economics, the price of crude oil on the
global market surpassed $97 per barrel on Tuesday, November 3.
"Nevertheless, oil prices have largely retained the losses of
over 6% recorded in the previous session, even as signs of
diplomatic progress between the U.S. and Iran have helped alleviate
concerns regarding potential supply disruptions.
Iranian President Masoud Pezeshkian stated that his
administration has received broader authority from the country’s
Supreme Leader to pursue peace negotiations. U.S. President Donald
Trump also remarked that progress has been made in the talks.
Meanwhile, Iranian officials indicated that an agreement remains
possible following three days of discussions mediated by Qatar.
These developments coincide with the onset of the U.S. midterm
election. Rising energy prices linked to the conflict involving
Iran are intensifying political pressure on the Trump
administration and the Republican Party.
WTI, the primary U.S. oil benchmark, had previously climbed to
its highest levels in several weeks amid concerns that Washington
might resume military strikes against Iran following the midterm
election,” the report notes.
