Azerbaijani Government Discussing Oil Price to Form Budget-2009

Oil&Gas Materials 30 October 2008 18:19 (UTC +04:00)

Azerbaijan, Baku, 30 October / Trend corr. E.Ismayilov/ The Government of Azerbaijan launched discussing of oil prices to form the budget projections for 2009. According to the head of a standing parliamentary commission on economic policy Ziyad Samadzade, there are several options for the price of oil to be set in the budget-2009 - 60$ or 70$ per bbl.

"I think oil price in the budget for 2009 will not be set below $60 per bbl," said Samadzade.

The economic bloc of the government sticks to the similar forecasts.

According to Samadzade, the situation will become clearer after the initial discussion of budget projections at the parliamentary commission. Predictions of international experts, including OPEC, will be taken into account to enable effective functioning of the budgetary system and objective forecasting.

"We will proceed from the reality of the situation, because there are different
projections of experts and analysts. We must take into account all these processes more objectively," he said.

According to the head of commission, there is every reason for the effective functioning of the budgetary system of Azerbaijan, "despite sharp fluctuations in prices on the world market".

Oil price was set at $70 per bbl in the budget projections for 2008. The figure has been reduced within a month, although it maintained at a higher level on the world market during the year.

The correspondent can be contacted at [email protected]