Baku: The price of Azerbaijani oil of the Azeri Light (CIF) brand has increased by more than 1 dollar on world markets, APA-Economics reports. The price of one barrel of Azerbaijani oil rose by $1.19 or 1.6%, reaching $75.59. It is noted that the previous price of Azerbaijani oil was $74.40 per barrel.

According to Azeri-Press News Agency, Azerbaijan’s state budget for this year calculates the average price for one barrel of Azeri Light oil at $70. This recent increase in oil price surpasses the budgeted figure, indicating a positive trend in the market for Azerbaijani oil.