Baku: The price of Azerbaijani oil, specifically the Azeri Light (CIF) brand, has experienced a significant reduction, dropping by more than $1 on the global markets. The current price of a barrel of Azerbaijani oil has decreased by $1.53, or 2.02%, settling at $74.06.

According to Azeri-Press News Agency, this marks a notable decrease from the previous price, which stood at $75.59 per barrel. Despite this decline, it is important to highlight that the average price for a barrel of Azeri Light oil was projected at $70 in this year’s state budget of Azerbaijan. This suggests that while the current price is lower than recent figures, it remains above the budgeted expectations for the year.