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IMF announces breakeven oil price for Azerbaijan

Oil&Gas Materials 6 November 2018 18:48

Baku, Azerbaijan, Nov. 6

By Taleh Mursagulov - Trend:

The fiscal breakeven oil price for Azerbaijan in 2018 will amount to $59 per barrel, as follows from the report of the International Monetary Fund (IMF) titled "Regional Economic Outlook: Middle East and Central Asia November 2018".

In 2017, this figure was $54.3, and in 2019, according to the forecast, it will amount to $54.6 per barrel.

The IMF expects that the external breakeven oil price in Azerbaijan will amount to $79.8 per barrel in 2018 and $80.64 per barrel in 2019 compared to $57.4 per barrel in 2017.

It is expected that in 2018, the country will produce 0.79 million barrels of oil per day compared to 0.8 million barrels per day in 2017.

According to IMF’s estimates, in 2019, this figure will amount to 0.78 million barrels per day.

The IMF also forecasts that the oil exports from Azerbaijan will decline from 0.76 million barrels per day in 2017 to 0.75 million barrels per day in 2018 and will amount to 0.74 million barrels per day in 2019.

In the state budget of Azerbaijan for 2018, the price of oil has been set at $45 per barrel.

(1.7 AZN = 1 USD on November 6)

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