Baku: The price of Azerbaijan's Azeri Light (CIF) crude oil has surged on global markets. According to Azeri-Press News Agency, the price of a barrel of Azerbaijani oil increased by $5.14, or 4.75%, reaching $113.32.

The previous price of Azerbaijan's oil stood at $108.18. The Azerbaijani government had calculated the state budget for the current year based on an average price of $65 per barrel of Azeri Light crude oil.

Source: Azeri-Press News Agency