Baku: The price of Azerbaijan’s “Azeri Light” (CIF) crude oil declined by over $1 in global markets, APA reports. The price per barrel of Azerbaijani oil dropped by $1.29, settling at $66.43, down from the previous trading session’s closing price of $67.72.

According to Azeri-Press News Agency, the decrease in oil prices reflects fluctuations in the global market, impacting Azerbaijan’s oil exports. The change in price is significant for the country’s economy, as oil exports play a crucial role in its revenue generation. The ongoing shifts in global oil prices necessitate close monitoring by stakeholders to adjust strategies accordingly.