Baku: The price of Azerbaijani oil of the Azeri Light (CIF) brand has decreased in world markets, APA-Economics reports. The price of one barrel of Azerbaijani oil has dropped by 1.1 US dollars or 1.58%, amounting to 68.51 US dollars.
According to Azeri-Press News Agency, the previous price of Azerbaijani oil was 69.61 US dollars. The decrease in price raises concerns as Azerbaijan’s state budget for this year is based on an average price of 70 US dollars per barrel for Azeri Light brand oil.