Baku: As a result of developments in the first quarter of this year, the average export price of Azeri Light crude oil stood at $82.2 per barrel, APA-Economics reports. This was stated in the Medium-Term Budget Framework for 2027-2030 released by the Ministry of Finance.

According to Azeri-Press News Agency, last year saw a decline in prices for several energy and food products, while precious metals rose significantly in value. The average annual price of Azeri Light crude oil was $71 per barrel, which was 14.3% lower than the average price in 2024, but 1.4% higher than the benchmark ($70) used in preparing the 2025 state budget.

The report further highlights the projections by the Ministry of Economy of the Republic of Azerbaijan. In March this year, under the baseline scenario, the average annual export price of oil is expected to be $65 per barrel for the period from 2027 to 2030.