Baku: Azerbaijan’s Azeri Light (CIF) crude oil has become cheaper on world markets, APA-Economics reports. The price of one barrel of Azerbaijani oil fell by 1.45 US dollars, or 2.2%, to 64.12 US dollars.
According to Azeri-Press News Agency, the previous price of Azerbaijani oil was 65.57 US dollars. The decrease in oil prices is significant for Azerbaijan, as the state budget for this year calculated the average price of one barrel of ‘Azeri Light’ crude oil at 65 US dollars. This drop in price could have implications for the country’s economy and budgetary planning.