Baku:The price of Azerbaijani Azeri Light (CIF) crude oil has risen significantly on global markets.

According to Azeri-Press news agency, the price increased by $4.51, or 3.74%, reaching $125.19 per barrel.

Previously, the price of Azerbaijani oil was $120.68 per barrel. Azerbaijan's state budget for this year is based on an average price of $65 per barrel of Azeri Light crude oil.