BAKU, Azerbaijan, September 12. The price of Azerbaijan’s Azeri Light crude oil on a CIF basis at Italy’s Augusta port increased by $0.48, or 0.4%, from the previous level to $120.02 per barrel.
The information was reported by oil market participants.
The price of Azeri Light crude on a FOB basis at Türkiye’s Ceyhan port decreased by $0.97, or 0.84%, from the previous level to $114.58 per barrel.
The price of Urals crude decreased by $0.74, or 0.81%, from the previous level to $90.53 per barrel.
The price of North Sea Dated Brent crude decreased by $1.75, or 1.45%, from the previous level to $118.56 per barrel.
The average price of a barrel of oil in Azerbaijan’s 2026 state budget is projected at $65.
According to Trading Economics, crude oil prices halted their gains on Friday, settling at around $100 per barrel. The decline was attributed to reports in Iranian state media that Tehran would meet with Oman to discuss talks concerning the Strait of Hormuz.
Diplomats from Gulf Cooperation Council member states are expected to meet with Iranian officials on Monday to discuss a possible temporary agreement on managing shipping through the strait.
Additional factors putting pressure on prices include the US Energy Information Administration’s (EIA) increase in its forecast for US crude oil production in 2027 to 14.3 million barrels per day. Meanwhile, the International Energy Agency (IEA) sharply lowered its forecast for global oil demand, projecting a decline of 2.5 million barrels per day in 2026.
Meanwhile, China is expected to import roughly the same volume of crude oil in September as it did in August. The country’s oil purchases have recovered after falling to their lowest level in a decade in June.
Saudi Arabia has suspended operations of its East-West oil pipeline as a precautionary measure following several attacks. Meanwhile, Iran-backed Houthis have reportedly advanced on Yemen’s Perim Island.
As a result, oil prices rose 9.7% over the week, the report said.
