BAKU, Azerbaijan, November 13. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's Augusta port decreased by $0.75, or 0.74%, compared to the previous figure, to $99.88 per barrel, a source in the oil market told TurkicWorld.
The price of Azeri Light crude on a FOB basis at Türkiye's Ceyhan port dropped by $0.74, or 0.77%, to $95.90 per barrel.
The price of Urals crude fell by $0.54, or 0.78%, to $69.04 per barrel.
Meanwhile, the price of North Sea Dated Brent crude declined by $0.66, or 0.71%, to $92.06 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price of $65 per barrel.
According to Trading Economics, crude oil (WTI) price exceeded $88 per barrel on Friday, November 13.
"Oil prices, which rose during the previous trading session, have maintained their upward momentum following US President Donald Trump’s statement that Washington no longer needs an agreement with Iran. This declaration has dampened hopes for a diplomatic resolution to the conflict.
Trump has also instructed Vice President J.D. Vance to prioritize domestic issues over negotiations with Tehran.
Meanwhile, Iran maintains its position that the US must lift its naval blockade and sanctions against the country before direct peace talks can begin. Secretary of Iran’s Supreme National Security Council, Mohsen Rezaei, also emphasized that Tehran has no intention of removing its enriched nuclear materials from the country.
Despite these developments, oil prices are heading toward a second consecutive weekly decline, driven by the resumption of crude oil exports from the Middle East.
Furthermore, the Democratic Party's victory in the US midterm election has strengthened expectations that the conflict might come to an end sooner," the report said.
