Baku: Azeri Light crude rose by 6.8 percent, or $5.61, reaching $87.90 per barrel.

According to Azerbaijan State News Agency, this increase in price brings the cost of Azeri Light crude close to $88 per barrel. The price shift is notable when compared to historical data. The lowest price ever recorded for Azeri Light was $15.81 per barrel on April 21, 2020. In contrast, the highest price reached was $149.66 per barrel in July 2008.

The current trend in rising oil prices has significant implications for the Azerbaijani economy, which relies heavily on oil exports. The fluctuation in crude oil prices is being closely monitored by market analysts and policymakers.