Baku:The price of Azeri Light crude oil experienced a significant decrease, falling by $9.66, or 7.6 percent, to settle at $116.50 per barrel on Tuesday.

According to Azerbaijan State News Agency, the all-time low for Azeri Light was $15.81 per barrel on April 21, 2020, while the record high stood at $149.66 per barrel in July 2008.