Baku: The price of Azerbaijani oil of the Azeri Light (CIF) brand has increased on world markets, marking a significant rise in the commodity’s value. The price of one barrel of Azerbaijani oil has risen by 2.7 US dollars or 4.15%, reaching 67.78 US dollars.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil stood at 65.08 US dollars. This increase highlights a positive shift in the global oil market dynamics for Azerbaijan.

It’s notable that in Azerbaijan’s state budget for this year, the average price of one barrel of Azeri Light brand oil was calculated at 70 US dollars. This recent surge brings the current price closer to the budget projection, potentially impacting economic planning and revenue forecasts for the nation.