Baku: Azerbaijani oil of the Azeri Light (CIF) grade has risen in price on world markets, APA-Economics reports. The price of one barrel of Azerbaijani oil increased by $2.72, or 2.68%, to $104.40.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil was $101.68 per barrel. This increase in Azeri Light crude oil price comes as a significant development given that Azerbaijan's state budget for this year was calculated based on an average price of $65 per barrel.

The rise in price highlights a potential impact on Azerbaijan's economic forecasts and budgetary allocations. The current price surge might offer Azerbaijan an opportunity to bolster its fiscal reserves, considering the budget calculations were made at a much lower oil price.