Baku: Azerbaijani oil prices have seen a significant increase on global markets, with the Azeri Light (CIF) crude oil price nearing $97 per barrel.

According to Azeri-Press News Agency, the price of one barrel of Azerbaijani oil rose by $1.2, or 1.26%, reaching $96.68. Previously, the price stood at $95.48 per barrel. This price surge highlights the fluctuations in the global oil market that impact Azerbaijan's oil revenues.

It is noteworthy that Azerbaijan's state budget for the current year was calculated based on an average price of $65 per barrel of Azeri Light crude oil. This increase in oil price could have significant implications for the country's economic planning and budgetary allocations.