Azerbaijan News 22 October 2026 10:23 (UTC +04:00)
Photo: SOCAR AQS
BAKU, Azerbaijan, October 22. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's Augusta port increased by $0.02, or 0.02%, compared with the previous figure, reaching $119.70 per barrel, oil market participants reported.
Meanwhile, the price of Azeri Light on an FOB basis at Türkiye's Ceyhan port fell by $0.10, or 0.1%, to $109.11 per barrel.
The price of Urals crude rose by $0.86, or 0.98%, to $88.31 per barrel. Dated Brent crude from the North Sea increased by $1.66, or 1.4%, to $119.79 per barrel.
Azerbaijan's state budget for 2026 is based on an average oil price of $65 per barrel.
According to Trading Economics, oil prices exceeded $98 per barrel on Thursday, recovering losses recorded in the previous session.
“The price increase was driven by a drone attack on the Shaybah oil field, owned by Saudi Aramco, which killed two people. The incident highlighted rising tensions in the Middle East and heightened concerns about further disruptions to energy supplies. The United States has also ordered some employees of its diplomatic missions in Saudi Arabia, along with their family members, to leave the country.
Meanwhile, Ukraine carried out large-scale drone attacks this week targeting key Russian oil infrastructure facilities. The move signals Kyiv's intention to prevent Moscow from increasing diesel exports under an agreement reached between Presidents Donald Trump and Vladimir Putin.
However, further price increases may be limited by rising crude oil supplies from the Middle East, with export volumes approaching pre-war levels. Saudi Arabia's crude oil exports rose by 7.9% in August, reaching their highest level since March. Russia is also expected to deliver its first shipment of diesel fuel to the United States on Thursday,” the report said.