Baku: The price of Azerbaijani oil branded 'Azeri Light' (CIF) has increased on global markets, APA-Economics reports. The rise in price sees Azerbaijani oil climbing by $1.83, or 2.58%, reaching $72.78 per barrel.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil stood at $70.95 per barrel. This increase comes against the backdrop of Azerbaijan's state budget, where the average price of one barrel of 'Azeri Light' oil was calculated at $65. The recent changes in the global market have thus positioned the Azerbaijani oil price well above the budgeted figure.