Azerbaijan’s benchmark crude, Azeri Light (CIF), has declined on global markets, losing nearly $4 per barrel amid broader energy price fluctuations.

The price of one barrel of Azeri Light fell by $3.95, or 4.36%, bringing it to $86.55 per barrel. The previous trading price stood at $90.50, The Caspian Post reports via APA.

Despite the recent decline, Azeri Light oil remains significantly above the level projected in Azerbaijan’s state budget for this year, where the average price is set at $65 per barrel.