Baku: The price of Azerbaijan's Azeri Light (CIF) crude oil has increased on global markets, APA-Economics reports. The price of a barrel of Azerbaijani oil rose by $2.28, or 2.5%, reaching $93.37.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil stood at $91.04 per barrel. This rise in price is notable in the context of Azerbaijan's 2026 state budget, which is based on an average Azeri Light oil price of $65 per barrel.