Baku: The price of Azerbaijani oil, specifically the Azeri Light (CIF) grade, has seen a significant increase in global markets. The current price of one barrel has risen by USD 3.21, or 4.68%, reaching USD 71.75.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil stood at USD 68.54 per barrel. This marks a notable increase in the value of the oil, which is critical for the country's economy. It is also important to note that Azerbaijan's state budget for the year had calculated the average price of one barrel of Azeri Light crude oil at USD 65, indicating that the current market price exceeds budgetary expectations.