Baku: The price of Azerbaijani oil of the Azeri Light (CIF) brand has experienced an increase in the global markets, as reported by APA-Economics. The cost of one barrel of Azerbaijani oil has risen by USD 0.63 or 0.90%, now reaching USD 70.79.
According to Azeri-Press News Agency, the previous price of Azerbaijani oil was USD 70.16. This development comes as Azerbaijan’s state budget for the current year calculates the average price of one barrel of Azeri Light brand oil at USD 70. The increase in oil price may have implications for the country’s economic planning and budgeting.