Forecast oil price to be reduced almost as twice during revision of the Azerbaijan state budget for 2016

Azerbaijan Finance Ministry offers to make oil price at $25.00 per barrel as the base price during revision of the state budget of Azerbaijan for fiscal year 2016, Finance Minister Samir Sharifov told journalists yesterday.

“We offer to use $25.00 per barrel as the base price of the budget. We will also have to make changes in the budgetary costs and revenues. In particular, it is important to increase pensions, salaries, welfare payments and etc.,” said Minister.

Yesterday Elman Rustamov, chairman of the Central Bank of Azerbaijan (CBA), said that during revision of the state budget the average export price of Azerbaijani oil will be no more than $30.00 per barrel.

On December 7, 2015 Azerbaijani President Ilham Aliyev signed the state budget for fiscal year 2016, which was based on the average annual oil price of $50.00 per barrel.—0—

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