Baku:The price of Azerbaijani Azeri Light crude oil has experienced a significant decline in the global markets. The latest trading figures show a drop of $9.66, or 7.66%, bringing the price to $116.5 per barrel.
According to Azeri-Press news agency, the previous price of Azerbaijani oil was recorded at $126.16 per barrel. This decrease underscores the volatility in the crude oil market, which can have substantial impacts on the economy.
It is important to note that Azerbaijan’s state budget for the current year is calculated based on an average price of $65 per barrel for Azeri Light crude oil. This budgetary assumption highlights the potential fiscal implications of the current oil price fluctuations.