BAKU, Azerbaijan, September 30. The price of Azerbaijan’s Azeri Light crude on a CIF basis at Italy’s Augusta port fell by $4.27, or 3.5%, from the previous level to $118.22 per barrel, a source in the oil market said.
On an FOB basis at Türkiye’s Ceyhan port, the price of Azeri Light crude decreased by $4.23, or 3.7%, to $111.45 per barrel.
The price of Urals crude declined by 4.65, or 5.4%, from the previous level to $80.89 per barrel.
The price of North Sea Dated Brent crude went down by $4.93, or 4%, to $119.09 per barrel.
Azerbaijan’s state budget for 2026 is based on an average oil price of $65 per barrel.
According to Trading Economics, the price of WTI oil remained below 90 dollars per barrel on Wednesday after a sharp decline in the previous session. It is noted that signs of improvement in energy flows from the Middle East and the next major release of oil from the strategic reserves of the U.S. contributed to the weakening of fears about supplies.
Analysts note that the 10-day average volume of oil exports from the Middle East has recovered to 17.5 million barrels per day, which corresponds to 98% of the level before the start of the war:
"This is happening against the background of the resumption of oil exports by Saudi Arabia through the East-West pipeline at approximately half of its capacity, while stable oil supplies continue via hidden routes through the Strait of Hormuz.
The U.S. government plans to release up to 40 million barrels of oil from the Strategic Petroleum Reserve (SPR) against the backdrop of a sharp rise in fuel prices in the country.
These industries also showed that crude oil reserves in the U.S. grew by 1 million barrels last week.
At the same time, the American oil standard remains on the way to the third consecutive monthly growth against the background of the protracted conflict between the U.S. and Iran and large-scale disruptions in supplies,” the Trading Economics report notes.
