Baku: Azerbaijani oil of the Azeri Light (CIF) brand has seen a decrease in its trading price on global markets, according to recent reports. The cost of a barrel has fallen by 0.41 US dollars, equating to a 0.35% decline, settling at 115.52 US dollars per barrel.
According to Azeri-Press News Agency, this decrease comes after the price was previously recorded at 115.93 US dollars per barrel. Despite this minor drop, the current trading price remains significantly higher than the average price anticipated in Azerbaijan’s state budget for the year, which was set at 65 US dollars per barrel. The fluctuation in oil prices is closely monitored as it impacts economic planning and revenue projections in Azerbaijan.