Azerbaijan News 17 October 2026 11:31 (UTC +04:00)
Photo: SOCAR AQS
BAKU, Azerbaijan, October 17. The price of Azerbaijan's Azeri Light crude oil on a CIF basis at Italy's Augusta port fell by $2.78, or 2.33%, from the previous level to $116.26 per barrel, a source in the oil market told Trend.
The source said that the price of Azeri Light crude on a FOB basis at Türkiye's Ceyhan port decreased by $3.07, or 2.83%, to $105.42 per barrel.
The price of Urals crude fell by $1.08, or 1.29%, to $82.32 per barrel. The price of North Sea Dated Brent crude decreased by $9.39, or 7.45%, to $116.59 per barrel.
Azerbaijan's state budget for 2026 is based on an average oil price of $65 per barrel.
According to Trading Economics, crude oil prices exceeded $100 per barrel on Friday.
“Prices have risen by more than 11% over the week amid supply constraints and strong fuel demand from the shipping sector. Producers are facing higher freight rates and risk premiums for shipments through the Strait of Hormuz, increasing uncertainty over future oil supplies from the region. Iranian strikes on oil tankers in the strait have sharply reduced oil flows. In the week ending October 13, average daily oil flows fell to 11.62 million barrels from the previous baseline of 17.15 million barrels.
Security risks in the Persian Gulf have had a significant impact on rising oil prices. At the same time, Ukrainian drone attacks on oil refineries in Russia have further constrained fuel supplies. In addition, US crude oil inventories fell by 8.56 million barrels in the week ending October 9,” the report said.