Baku: Azerbaijan's Azeri Light (CIF) crude oil has seen a decrease in price on world markets. The price of a barrel of Azerbaijani oil has dropped by USD 1.05, or 1.6%, settling at USD 65.57.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil was USD 66.62 per barrel. The state budget of Azerbaijan for this year had calculated the average price of one barrel of Azeri Light crude oil at USD 70.

This price adjustment indicates a shift in oil market dynamics, impacting revenue projections tied to Azerbaijan's oil exports. The change in oil price could have broader implications for economic planning and budgeting within the country.