Baku: The price of Azerbaijani oil, specifically the Azeri Light (CIF) brand, has experienced a decline on global markets. The cost per barrel has decreased by $0.95, representing a 1.32% drop, bringing the current price to $71.23.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil was $72.18. This change in pricing is noteworthy as it falls within the calculated average price of $70 per barrel for Azeri Light oil, as outlined in this year’s state budget of Azerbaijan.

The fluctuation in oil prices is closely monitored by market analysts and stakeholders given its significant impact on Azerbaijan’s economy, which is heavily reliant on oil exports.