IMF calmed Azerbaijan: in 2013 price of oil to be over $100 per barrel

The Azerbaijani government has submitted to the parliament the draft of state budget for fiscal year 2013 with the oil price of $100 per barrel. A year ago the state budget for fiscal year 2012 was drafted with the forecast of average export price of Azerbaijani oil at $80.00 per barrel. However, in May 2012 the budget was revised, because of high prices at the world markets and its revenues were calculated with the oil price of $100 per barrel. During 9 months, 2012 average export price of Azerbaijani oil was almost $114 per barrel.

The new forecast of the International Monetary Fund (IMF) fully coincides with the Azerbaijani government's desires. According to the IMF analysts, this year and in 2013 price of oil will remain over $100 per barrel.

In its two-year report, excerpts from which were published by the London-based Financial Times newspaper on November 12, 2012, IMF wrote that "as a result of that in 2012 positive trade balance of oil making countries in the region will reach $400 billion."

The Fund's analysts claim that some oil making countries, such as Iraq, Algeria, Iran and Bahrain, use more money, than they get from energy resources sale. IMF believes that the Near East and North Africa must adhere to a more strict budgetary discipline and implement deeper reforms.

This year economic growth of Near East and North Africa will constitute 5.1%. In 2013 the economic growth of the region will drop to 3.6%, because of preservation of the achieved oil production volume.

As far as states of the region, which are a part of the Council of Cooperation of Arabic Countries of Persian Gulf, including Bahrain, Qatar, Kuwait, United Arab Emirates, Oman and Saudi Arabia, are concerned, in 2012 their total GDP growth will constitute 5.5%. In 2012 it will drop to 3.7%, which is the lowest level since 2009.-0-