Conservative approach to be kept while developing Azerbaijani 2010 public budget : SOFAZ head
Azerbaijan, Baku, July 25 / Trend E. Ismayilov /
Conservative approach towards volume of oil production and forecasts on its price in 2010 will be kept while developing the Azerbaijani 2010-public budget, head of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov said.
"Development of the public budget has already been launched. I believe the Azerbaijani government will approach conservatively the next year's budget concerning production of oil and making forecasts for oil price," Movsumov said.
It is too early to speak about oil prices for next year, we are working on these figures, Movsumov said.
Under the SOFAZ estimates, an average oil price was about $ 48 per barrel in January-June 2009. So, the fund's revenues from the Azerbaijani profitable oil were fulfilled only at 42.1 percent in this period.
Movsumov did not exclude the possibility of increasing oil prices by late 2009. The price may rise, and in this case, the cost of oil will be closer to the price projected by the Fund.
The oil price in the SOFAZ budget stands at $ 70 per barrel in 2009.Do you have any feedback? Contact our journalist at: [email protected]