Baku: The price of Azerbaijani Azeri Light (CIF) crude oil has seen a decline in the world markets. The price per barrel has decreased by $0.53 or 0.78%, bringing the current price to $67.45.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil was recorded at $67.98. This recent decrease in price is noteworthy, as Azerbaijan’s state budget for the current year estimated the average price of one barrel of Azeri Light crude oil to be $70.

The fluctuation in oil prices can have significant implications for the country’s economy, especially considering the budgetary expectations set for the year. The decrease may impact revenue projections and economic planning within Azerbaijan.