Baku: The price of Azerbaijan's Azeri Light (CIF) crude oil has decreased in global markets, APA-Economics reports. The price of one barrel of Azerbaijani oil fell by 1.09 USD, or 1%, to 112.02 USD.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil stood at 113.11 USD per barrel. The decline comes as global energy markets experience fluctuations, impacting the price of crude oil from various regions, including Azerbaijan.

It is important to note that the average price of Azeri Light crude oil in Azerbaijan's state budget for this year is calculated at 65 USD per barrel. This indicates that despite the recent decrease, the current market price remains significantly above the budgeted figures, providing a cushion for Azerbaijan's economic planning.