Baku: The price of Azerbaijani oil of the Azeri Light (CIF) brand has decreased on world markets, dropping by more than 3%.

According to Azeri-Press News Agency, the price of 1 barrel of Azerbaijani oil has decreased by 2.24 US dollars, or 3.34%, bringing it down to 64.8 US dollars. The previous price was reported at 67.04 US dollars per barrel.

In Azerbaijan’s state budget for the current year, the average price of 1 barrel of Azerbaijani oil of the Azeri Light brand is calculated at 70 US dollars.