Baku: The price of Azerbaijan's Azeri Light (CIF) crude oil has witnessed a substantial decrease on global markets, as reported by APA-Economics. The latest data reveals that the price of one barrel of Azerbaijani oil has dropped by 7.27 US dollars, or 5.78%, resulting in a new price of 118.56 US dollars.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil was 125.83 US dollars. It is noteworthy that Azerbaijan's state budget for this year has calculated the average price of one barrel of Azeri Light crude oil to be 65 US dollars.