Baku: The price of Azerbaijani oil, specifically the Azeri Light (CIF) brand, has experienced a significant decline in world markets, dropping by more than $1.

According to Azeri-Press News Agency, the price per barrel of Azerbaijani oil has decreased by $1.7, which is a 2.3% reduction, bringing the new price to $72.36. Previously, the price stood at $74.06 per barrel.

It is important to note that Azerbaijan’s state budget for this year had estimated the average price of a barrel of Azeri Light oil to be $70. This recent price change still positions the current market price slightly above the budgeted figure.