Baku: The price of Azerbaijani oil, specifically the Azeri Light (CIF) brand, has seen a decrease in global markets. The current price per barrel has dropped by USD 2.89, equating to a 4.17% reduction, with the new price standing at USD 66.36.
According to Azeri-Press News Agency, the previous price of Azerbaijani oil was USD 69.25. This decline in price comes as a notable development, especially considering that this year’s state budget of Azerbaijan had calculated the average price of one barrel of Azeri Light oil at USD 70.
This drop may have implications for Azerbaijan’s economic planning and revenue projections, given that oil is one of the country’s key export commodities. The changes in oil prices are closely monitored by stakeholders and could influence future economic decisions.