The world oil price will not drop below $25.00 per barrel and it could also go up in the second half of the day, said Azerbaijani Finance Minister Samir Sharifov.
“Therefore, the renewed state budget for fiscal year 2016 is based on the oil price $25.00 per barrel,” Sharifov said at a press conference yesterday.
Considering the world trends, price of oil, which is the main source of incomes in Azerbaijan, started going down and “we switched to the saving regime,” Minister said.
He said as a result of the taken measures, last year the government managed to save $2.2 billion for the State Oil Fund of Azerbaijan (SOFAZ). “In 2015 we had $1.4 billion left in the treasury, which we are going to use to revise the state budget for fiscal year 2016,” Sharifov said.—0—
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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