Baku: The price of Azerbaijani oil 'Azeri Light' (CIF) has increased on global markets, reaching $87.9 per barrel. This marks a significant rise of $5.61, or 6.82%, from its previous price of $82.29.

According to Azeri-Press News Agency, this increase comes amidst global market fluctuations, impacting the pricing of crude oil worldwide. The surge in 'Azeri Light' pricing is noteworthy given that the average price of one barrel of this crude oil has been set at $65 in Azerbaijan's state budget for the current year.

This development highlights the volatility in oil markets and its effects on national economic planning. As Azerbaijani oil prices approach $88, stakeholders will be closely monitoring the situation to assess the broader economic implications.