Baku:The price of Azerbaijan's Azeri Light crude oil has surged on global markets, approaching $125 per barrel.

According to Azeri-Press news agency, the price of one barrel of Azerbaijani oil increased by $5.5, or 4.6%, reaching $124.76. This marks a significant rise from the previous price of $119.26 per barrel.

Azerbaijan's 2026 state budget calculations are based on an average Azeri Light oil price of $65 per barrel, highlighting the current market price's substantial difference from budgetary expectations.