Baku: Azerbaijan’s ‘Azeri Light’ (CIF) crude oil has decreased in price on global markets. The price of one barrel of Azerbaijani oil fell by 0.51 US dollars, or 0.71%, to 71.46 US dollars.
According to Azeri-Press News Agency, the previous price of Azerbaijani oil stood at 71.97 US dollars per barrel. This recent drop in price has come amidst fluctuating global oil markets.
It should be noted that in Azerbaijan’s state budget for this year, the average price of one barrel of ‘Azeri Light’ crude oil was calculated at 65 US dollars. This indicates that despite the price drop, the current price still remains above the budgeted figure.