Baku: The price of Azerbaijan’s Azeri Light (CIF) crude oil has slightly decreased on world markets, APA-Economics reports. The price of 1 barrel of Azerbaijani oil has fallen by 0.33 USD, or 0.49%, now amounting to 67.67 USD. This marks a slight decrease from the previous price, which was set at 68 USD per barrel.
According to Azeri-Press News Agency, Azerbaijan’s state budget for this year had calculated the average price of 1 barrel of ‘Azeri Light’ crude oil at 70 USD. This recent fluctuation in oil prices is notable as it falls below the budgeted average, which could have implications for the country’s economic planning and revenue expectations.