Baku: Azerbaijani oil of the Azeri Light (CIF) brand has decreased in price on world markets, with current trading around $120. The recent adjustment saw the price fall by $2.58, or 2.11%, bringing the cost of one barrel down to $119.68.
According to Azeri-Press News Agency, the previous price of Azerbaijani oil was $122.26 per barrel. The decrease comes amid broader market trends affecting oil prices globally. It’s important to note that the state budget of Azerbaijan has estimated the average price of Azeri Light crude oil at $65 per barrel for this year.