Baku: The price of Azerbaijan's Azeri Light (CIF) crude oil has seen a significant increase on global markets, APA-Economics reports. The price for one barrel of Azerbaijani oil has risen by $6.02, or 5.76%, reaching a new high of $110.51.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil was recorded at $104.49. The surge in price marks a notable increase from the average price set in Azerbaijan's state budget for this year, which was established at $65 per barrel. This development highlights the volatility and fluctuations in the global oil market, impacting economic projections and planning.