Baku: Azeri Light (CIF) crude oil has increased in price on global markets, APA-Economics reports. The price of Azerbaijani oil rose by $7.55, or 6.6%, to $121.25 per barrel.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil stood at $113.70 per barrel. This recent increase marks a significant rise beyond the average price of $65 per barrel set in Azerbaijan's state budget for this year.