Baku: Azerbaijan’s Azeri Light (CIF) crude oil price has declined on global markets. The price of Azerbaijani oil fell by $3.63 per barrel, or 4.95%, to $69.72.
According to Azeri-Press News Agency, the previous price of Azerbaijani oil was $73.35 per barrel. The decrease in price has brought it below the $70 mark, which is significant for the country’s economic planning.
It is important to note that Azerbaijan’s state budget for this year is based on an average Azeri Light oil price of $65 per barrel. The current price is still above this budgeted figure, providing some buffer for the government’s financial projections.