The Azerbaijani government forecasts that from 2015 the world oil prices will decline significantly.
Sevinj Hasanova, Deputy Minister of Economy and Industry, said during the debates in the Milli Mejlis (parliament), if in the budget for fiscal year 2014 oil price is forecasted at $100 per barrel, in the next three years it will be $80.00.
Hasanova said that during this period the oil industry, unlike the non-oil industry, will have a stable development and the oil production will total in average 40.5 million tons a year, while gas production – 27.4 billion cub.m.
She said in 2017 over 72% of the country’s GDP will be formed at the expense of the non-oil sector.
However, a detailed analysis of the budget shows that after 2015 Azerbaijan will again face the oil production decline. According to the optimistic scenario of the government (other scenarios are not worked out and not submitted to deputies), by 2017 the production volume will drop to 39.7 million tons. This will happen during the decline of production volume and the oil price. This means that Azerbaijan’s incomes from the oil export will drop by several times.—0—
Economics
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