Baku: Azerbaijan's Azeri Light (CIF) crude oil has increased in price on global markets, APA-Economics reports. The price of Azerbaijani oil rose by $6.43, or 5.55%, to $122.32 per barrel.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil stood at $115.89 per barrel. The state budget for this year has set the average price of Azerbaijani Azeri Light crude oil per barrel at $65, highlighting a significant increase compared to the current market price.

This surge in oil prices reflects broader trends in global energy markets and has potential implications for Azerbaijan's economy and budgetary planning.