BAKU, Azerbaijan, November 4. The price of
Azerbaijani Azeri Light crude oil on a CIF basis at the Italian
port of Augusta decreased by $3.05, or 2.6%, compared to the
previous figure, to $113.45 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 $2.4, or 2.2%, to $105.65.
Urals crude oil dropped by $3.2, or 3.9%, compared to the
previous figure, to $79.58 per barrel.
Dated Brent crude, produced in the North Sea, declined by $3.3,
or 3%, compared to the previous reading, to $105.19 per barrel.
Azerbaijan’s 2026 state budget assumes an average price of $65
per barrel of oil.
According to Trading Economics, the price of Brent crude oil
fell below $103 per barrel on Wednesday, continuing its decline
this week as investors assessed the potential outcomes of ongoing
peace talks between the U.S. and Iran.
"A spokesperson for the Qatari Ministry of Foreign Affairs
stated that both nations are reviewing new proposals put forward by
mediators to resolve their differences. Meanwhile, the head of
Iran’s Supreme National Security Council noted in a social media
post that Washington’s response remains unsatisfactory.
Earlier this week, the U.S. also carried out strikes against
Iran as part of defensive operations, targeting anti-aircraft
missile systems that had been used against American facilities.
However, the limited scale of these strikes suggests there is no
immediate prospect of a return to large-scale military conflict,"
Trading Economics reports.
The report notes that the international oil benchmark has
dropped by nearly 10% since the beginning of the week.
"Prices are under pressure due to hopes for a potential
diplomatic breakthrough, as well as signs of a recovery in oil
exports from Middle Eastern countries,” the report adds.
