Vahid Akhmedov, "Sequestration of the budget is not expected"

At the end of trading June 21 on the world market price of oil fell again.

Baku/22.06.12/Turan: Following June 21  trading price on the world oil market fell again. Official prices for the August futures were as follows:

- In London InterContinental Exchange Futures Europe - IPE Brent Crude - 89.23 (-3.46) dollars. / Bbl.;

- In New York, on the New York Mercantile Exchange - Light, Sweet Crude Oil - 78.20 (-3.25) dollars. / Bbl.

Meanwhile, the President issued a decree on June 20 approved amendments to the Law of AR "On the State Budget of Azerbaijan for the year 2012," providing for a budget increase of 600 million manat. How long and deep will the price of "black gold" drop and will the further fall in prices not cause sequestration of the budget?

According to former deputy prime minister, MP Vahid Akhmedov, there is no reason to worry. First of all, the budget for 2012 from a base rate of $ 80 per barrel of oil was formed late last year - then the price was $ 120. This allowed for a short period to accumulate those same extra 600 million manats (and more) and send them to overcome the effects of the earthquake in north-west, flooding in lowland areas, other natural disasters, for the improvement of the capital, strengthening the material-technical base of power structures of the country.

Falling oil prices are the fruit of U.S. diplomacy, which links the economic and financial crisis with high prices for hydrocarbons. After Obama's anxious speech to the Congress OPEC promised to cut the prices, but radical decline in the political crisis around some countries - the major suppliers of oil - is impossible.

Moreover, Azerbaijan is not in danger yet because it's not such a big country as Russia or even Iran. The assets of our state, embedded in the global economy, bring enough dividends to be optimistic about the execution of budget revenues, said the MP.