Baku: The price of Azerbaijan's Azeri Light crude oil has seen a notable increase on global markets.

According to Azeri-Press News Agency, the price of a single barrel of Azeri Light crude surged by $6.97, or 7.64%, reaching $98.19. Previously, the price of Azerbaijani crude was recorded at $91.22 per barrel.

Azerbaijan's 2026 state budget is based on an average Azeri Light oil price of $65 per barrel.