Baku, Azerbaijan, Jan. 28
Trend:
The oil price on the world markets will not fall below $25 per barrel, Samir Sharifov, the Azerbaijani Finance Minister, said at a press conference Jan. 28.
Sharifov said that moreover, the oil price can even increase in the second half of the year.
"Therefore, the oil price in the updated budget-2016 has been set at $25 per barrel," he said.
"Taking into account the current processes in the world, the oil price, which is the main source of Azerbaijan's income, began falling, so we have switched to the economy."
He said that as a result of the measures, we have saved $2.2 billion for SOFAZ (State Oil Fund of the Republic of Azerbaijan).
"As of 2015, the balance of the treasury amounted to 1.4 billion manat," he said. "We are using this amount while reconsidering the state budget forecasts for 2016."
The prices for AZERI LT oil produced at Azeri-Chirag-Guneshli block of oil and gas fields on the basis of CIF in the Italian port of Augusta was $33.88 per barrel on Jan. 26, or $0.98 more compared to Jan. 25.
The price for a barrel of Brent Dated, produced from the North Sea, stood at $30.99 per barrel Jan. 26.