Baku: The price of Azerbaijan's Azeri Light (CIF) crude oil has experienced a decline in the global markets. The cost per barrel has decreased by $2.9, or 2.77%, bringing the price down to $101.68.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil was $104.58 per barrel. This recent decline comes in contrast to the average price of $65 per barrel that was calculated for Azerbaijan's state budget this year.