Baku: The price of Azerbaijan’s “Azeri Light” (CIF) crude oil has experienced a significant increase on global markets, APA-Economics reports. The current price of a barrel of Azerbaijani oil has risen by 3.81 US dollars, or 3.07%, reaching a total of 128.05 US dollars.
According to Azeri-Press News Agency, the previous trading price for Azerbaijani oil was 124.24 US dollars per barrel. It is noteworthy that the state budget of Azerbaijan for this year had projected the average price of one barrel of “Azeri Light” crude oil at 65 US dollars, indicating a substantial increase from budgetary expectations.