Baku: The price of Azerbaijan's 'Azeri Light' crude oil has witnessed a decline in global markets, as reported by APA-Economics. The price per barrel of Azerbaijani oil fell by 5.05 US dollars, amounting to a 4.04% decrease, bringing the cost down to 119.98 US dollars.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil stood at 125.03 US dollars. The average price of one barrel of 'Azeri Light' crude oil in Azerbaijan's state budget for this year is set at 65 US dollars.