The price of "Azeri Light" (CIF) crude oil has decreased on global markets.
According to the Operative Information Center-OMM, the price of one barrel of Azerbaijani oil fell by $1.42, or 1.51%, settling at $92.55.
For comparison, the previous trading session saw the oil price at $93.97 per barrel. Market analysts often attribute such fluctuations to broader shifts in global demand, geopolitical tensions, and production adjustments by major oil-exporting nations.
Historically, "Azeri Light" has experienced significant price volatility. The lowest recorded price for the grade was $15.81 per barrel on April 21, 2020, while its peak reached $149.66 in July 2008.
Despite the current market dip, the state budget for the current year in Azerbaijan was calculated based on an average "Azeri Light" price of $65 per barrel. This conservative baseline provides a fiscal buffer against short-term price volatility, ensuring that the national budget remains resilient even when global oil prices fluctuate below current market rates.
