Price of Azerbaijani oil exceeds $128
The price of Azerbaijani Azeri Light crude on a CIF basis at the Italian port of Augusta rose by $0.74, or 0.6 percent, compared with the previous figure, reaching $128.03 per barrel.
This was stated in information provided by oil market participants.
It is noted that the price of one barrel of Azeri Light crude on a FOB basis at the Turkish port of Ceyhan rose by $0.74, or 0.6 percent, to $122.45.
The price of URALS crude oil decreased by $1.8, or 1.9 percent, compared with the previous figure, reaching $95.14 per barrel.
The price of Dated Brent crude, produced in the North Sea, rose by $2.91, or 2.3 percent, compared with the previous figure, reaching $132.19 per barrel.
Azerbaijan's state budget for 2026 is based on an average price of $65 per barrel of oil.
According to the latest data from Trading Economics, on Wednesday the price of crude oil fell below $105 per barrel after earlier reaching its highest level in the past four months.
"The decline came amid an unexpected increase in oil inventories in the United States. According to the American Petroleum Institute (API), the country's crude oil inventories rose by 7.14 million barrels last week. Meanwhile, a week earlier inventories had fallen by 300,000 barrels, and analysts had expected a further decline.
At the same time, oil loadings at the Saudi port of Yanbu have still not resumed following the suspension of operations of the important East–West pipeline. There is as yet no precise information on the timeline for restoring the operation of this key pipeline, which allows the Strait of Hormuz to be bypassed. This is linked to the resumption this week of attacks on Saudi Arabia by the Iran-backed Houthis.
In Libya, the national oil company has suspended operations at two oil fields and one pumping station amid ongoing protests. Despite this, Libya's total oil production remains largely stable at about 1.4 million barrels per day," the Trading Economics information states.
