BAKU, Azerbaijan, August 14. The CIF price of Azerbaijan's Azeri Light crude at Italy's Augusta port decreased by $1.53, or 1.6%, from the previous level to $93.97 per barrel, a source in the oil market told Trend.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went down by $1.69, or 1.82%, to $91.00 per barrel.
The price of Urals crude dropped by $1.01, or 1.55%, from the previous level to $64.03 per barrel.
Meanwhile, Dated Brent crude produced in the North Sea fell by $0.83, or 0.89%, to $92.73 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price assumption of $65 per barrel.
According to Trading Economics, the price of crude oil remained at around $81 per barrel on Friday. It is reported that a wait-and-see attitude prevails in the market, as investors monitor diplomatic efforts to resume shipping through the Strait of Hormuz.
“Despite ongoing disagreements, crude oil shipments from the Persian Gulf continue. Some tankers are sailing with their transponders turned off. At the same time, vessels passing through the Strait of Hormuz continue to face constant threats.
The U.S. also reports that up to 9 million barrels of oil per day are currently being transported through this waterway. At the same time, the capabilities of U.S. forces to escort tankers continue to expand.
As for demand, the International Energy Agency (IEA) lowered its forecast for global oil demand this week. The agency stated that the protracted conflict and high prices are putting increasing pressure on oil consumption.
OPEC has also lowered its forecast for global oil demand growth in 2026 to 580,000 barrels per day. This is the organization’s fourth consecutive downward revision,” the statement said.
