Baku: The price of Azerbaijan’s Azeri Light (CIF) crude oil has experienced a significant increase in the global markets. The cost of one barrel has risen by $2.04, or 1.79%, reaching $115.89.
According to Azeri-Press News Agency, the previous price of Azerbaijani oil was $113.85 per barrel. This rise comes in contrast to the average price set in Azerbaijan’s state budget for this year, which was projected at $65 per barrel. The current price surge marks a notable shift from the state’s budgetary expectations.