Baku: The price of Azerbaijan’s Azeri Light (CIF) crude oil has increased on global markets, reaching $108.18 per barrel. This marks a rise of $0.87, or 0.81%, from the previous price of $107.31.
According to Azeri-Press news agency, Azerbaijan’s state budget for this year was calculated based on an average price of $65 per barrel of Azeri Light crude oil. The current price significantly exceeds this budgeted estimate, indicating a notable shift in the market dynamics surrounding Azerbaijani oil.