Baku: The price of Azerbaijani oil branded as Azeri Light has decreased in the world markets. The price per barrel has fallen by USD 1.4 or 2%, bringing the current price to USD 68.47.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil was recorded at USD 69.87. The decline in price comes amidst a backdrop where the average price of one barrel of Azerbaijani oil, as calculated in this year’s state budget of Azerbaijan, was set at USD 70.

This drop in oil prices may impact the financial planning and economic forecasts of Azerbaijan, which has budgeted its calculations based on higher oil price expectations.