Baku: The price of Azerbaijani Azeri Light crude oil (CIF) has increased on global markets, APA-Economics reports. The price of one barrel of Azerbaijani oil increased by $0.74 to $128.03.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil was $120.02. Azerbaijan's state budget for this year was calculated based on an average price of $65 per barrel of Azeri Light crude oil.