Baku: The price of Azerbaijan’s Azeri Light (CIF) crude oil has surged in global markets, as reported by APA-Economics. The increase in price marks a significant rise for the country’s oil sector.
According to Azeri-Press News Agency, the price of Azerbaijani oil rose by $10.15, or 10.6%, reaching $105.58 per barrel. This sharp increase contrasts with the previous price of $95.43 per barrel, highlighting a notable shift in the market.
The current price is significantly higher than the average price of Azeri Light crude oil, which was calculated at $65 per barrel in Azerbaijan’s state budget for this year. This upward trend in oil prices may have important implications for Azerbaijan’s economy, influencing budgetary considerations and revenue forecasts.