Baku: The price of Azerbaijan’s Azeri Light (CIF) crude oil has decreased on global markets, with the price of one barrel dropping by 0.87 US dollars, or 1.33%, amounting to 64.36 US dollars.
According to Azeri-Press news agency, the previous price of Azerbaijani oil was 65.23 US dollars per barrel. The decline in price marks a significant trend, as the average price of one barrel of Azeri Light crude oil in Azerbaijan’s state budget for this year is calculated at 70 US dollars.
This development could have implications for Azerbaijan’s economic planning and budgetary considerations, given the reliance on oil revenues.