Accra:Azerbaijani Azeri Light (CIF) crude oil has experienced a decline in price on global markets. The price dropped by $2.78, or 2.34%, bringing it down to $116.26 per barrel.

According to Azeri-Press news agency, the previous price of Azerbaijani oil was $119.04 per barrel. This decrease comes as Azerbaijan's state budget for the year was based on an average oil price of $65 per barrel for Azeri Light crude.