Baku: The price of Azerbaijan's Azeri Light (CIF) crude oil on global markets has fallen by nearly $2. The price of one barrel of Azerbaijani oil decreased by $2.17, or 3%, to $70.03.

According to Azeri-Press news agency, the previous price of Azerbaijani oil stood at $72.2 per barrel. Over the past week, Azerbaijani oil has traded above the $70 level. 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 $65.