Baku: The price of Azerbaijan's 'Azeri Light' (CIF) crude oil on global markets has edged down slightly, APA-Economics reports. The price of one barrel of Azerbaijani oil fell by USD 2.42, or 3.37%, to USD 69.29.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil was USD 71.71 per barrel. It is noteworthy that in Azerbaijan's state budget for this year, the average price of one barrel of Azeri Light crude oil was calculated at USD 65. This recent drop in price is significant as it dips below the budgeted average, potentially impacting economic forecasts for the country.