The price of Azerbaijani oil has declined

The price of Azerbaijan's Azeri Light crude on a CIF basis at the Italian port of Augusta fell by $0.75, or 0.7%, compared with the previous figure, amounting to $99.88 per barrel.

This is stated in information from oil market participants.

It is noted that at the Turkish port of Ceyhan, on a FOB basis, the price of one barrel of Azeri Light crude fell by $1.04, or 1.1%, and amounted to $95.90.

The price of URALS crude oil fell by $0.54, or 0.8%, compared with the previous figure, amounting to $69.04 per barrel.

The price of one barrel of Dated Brent crude, produced in the North Sea, fell by $0.66, or 0.7%, compared with the previous figure, amounting to $92.06 per barrel.

Azerbaijan's state budget for 2026 is based on an average oil price of $65 per barrel.

According to the latest data from Trading Economics, Brent crude prices held near $96 per barrel on Friday after rising in the previous trading session: "Quotations were affected by statements from U.S. President Donald Trump that Washington no longer needs to conclude an agreement with Iran, which weakened hopes for a diplomatic settlement of the conflict. Trump also instructed U.S. Vice President JD Vance to focus on domestic issues rather than on negotiations with Tehran."

It is noted that at the same time, Iran continues to insist that the United States must lift the naval blockade and sanctions against the country before direct peace talks begin: "The Secretary of Iran's Supreme National Security Council, Mohsen Rezaei, also emphasized that Tehran does not intend to remove its stockpiles of enriched uranium from the country."

It is emphasized that despite these developments, oil prices are still heading for a decline for the second consecutive week amid the continuing recovery of oil exports from Middle Eastern countries: "Hopes for a faster settlement of the conflict also received support after the Democratic Party's victory in the U.S. midterm elections."