BAKU, Azerbaijan, September 22. The price of Azerbaijan’s Azeri Light crude on a CIF basis at the Italian port of Augusta decreased by $5.54, or 4.53%, compared with the previous figure, to $116.83 per barrel.
According to information from oil market participants, the price of Azeri Light on a FOB basis at the Turkish port of Ceyhan dropped by $6.21, or 5.34%, to $110.09 per barrel.
The price of URALS crude fell by $6.53, or 7.67%, compared with the previous figure, to $78.59 per barrel.
Meanwhile, the price of North Sea Dated Brent declined by $7.01, or 5.59%, to $118.41 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, crude oil prices rose above $93 per barrel on Tuesday after falling for four consecutive sessions, though they retained much of their earlier losses amid easing concerns over Middle East supplies and intensified diplomatic efforts to end the U.S.-Iran conflict.
"U.S. President Donald Trump is set to address the UN General Assembly in New York today and may meet with Iranian President Masoud Pezeshkian on the sidelines of the event. Trump is also expected to hold discussions this week with other Gulf nations and Chinese President Xi Jinping.
Meanwhile, the Trump administration has proposed establishing a $5 billion fund to help rebuild infrastructure in the Middle East damaged by the war.
For its part, Saudi Arabia has shipped 2.9 million barrels of crude oil per day through the Strait of Hormuz over the past six days.
Satellite imagery also revealed the presence of supertankers with a combined capacity of 14 million barrels at Saudi Arabia's oil export terminals on the Gulf coast over the weekend. This marked the highest number of tankers observed since at least June," reports Trading Economics.
