Baku: The price of Azerbaijan's Azeri Light (CIF) crude oil has seen a significant increase on the global market. The cost of one barrel rose by $6.57, or 6.7%, reaching a new price of $104.58.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil was $98.01 per barrel. This increase occurs in the context of Azerbaijan's 2026 state budget, which was calculated based on an average oil price of $65 per barrel for Azeri Light crude. This recent surge in oil prices could have implications for the country's economic planning and budgetary allocations.