BAKU, Azerbaijan, September 17. The CIF price of Azerbaijan's Azeri Light crude at Italy's Augusta port decreased by $5.88, or 4.59%, from the previous level to $122.15 per barrel, a source in the oil market told Trend.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went down by $5.83, or 4.76%, to $116.62 per barrel.
The price of Urals crude dropped by $7.44, or 7.82%, from the previous level to $87.80 per barrel.
Meanwhile, the price of North Sea “Dated Brent” crude fell by $5.73, or 4.33%, to $126.46 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price assumption of $65 per barrel.
According to the latest data from Trading Economics, after a sharp decline in the previous session, oil prices were trading around $102 per barrel on Thursday. It is noted that the price movement was influenced by reports of Saudi Arabia’s plans to restore about half of the East-West oil pipeline’s capacity within a few days and bring it back to full capacity within six weeks.
“This pipeline provides an alternative route that bypasses the Strait of Hormuz. The pipeline was damaged as a result of drone attacks last week.
Meanwhile, Saudi Arabia, with the assistance of the U.S. military, has stepped up efforts to transport larger volumes of crude oil through the Strait of Hormuz.
U.S. Energy Secretary Chris Wright reported that 18 million barrels of crude oil and petroleum products passed through the Strait of Hormuz earlier this week.
In the U.S., according to official data, crude oil inventories fell by 640,000 barrels to 423.4 million barrels. However, the decline was less than analysts had expected.
“This figure differed sharply from the estimate previously published by the American Petroleum Institute (API), according to which crude oil inventories rose by 7.1 million barrels,” reports Trading Economics.
