Baku: Azerbaijani oil prices have experienced a notable decline in global markets, as reported by APA-Economics. The price of one barrel of the country's Azeri Light (CIF) crude oil has fallen by 11.06 US dollars, or 9.57%, bringing the cost down to 104.49 US dollars.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil was at 115.55 US dollars per barrel. This current decrease in price comes in contrast to Azerbaijan's state budget, which has set the average price of one barrel of Azeri Light crude oil at 65 US dollars for the year.