Baku:The price of Azerbaijani oil on the global market has experienced a significant decline, dropping to below $107. The reduction marks a sharp decrease in the trading price of Azerbaijani oil, specifically the Azeri Light crude, which saw a drop of $6.64, or 5.85%, to reach $106.81 per barrel.

According to Azeri-Press news agency, this development follows a period where Azerbaijani oil was previously traded at $113.45 per barrel.

The change in oil prices is noteworthy as Azerbaijan's 2026 state budget is predicated on an average oil price of $65 per barrel.