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Azerbaijan sets local price of barrel of oil in state budget for 2023

Oil&Gas Materials 25 October 2022 11:44 (UTC +04:00)
Azerbaijan sets local price of barrel of oil in state budget for 2023
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, October 25. The price of a barrel of oil equal to $50 was set in the state budget of Azerbaijan for 2023 given the volatility of global oil prices, Trend reports on October 25 via the draft state budget of the country for next year.

Growth of the non-oil revenues will allow reducing transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget.

In 2023, transfers from SOFAZ to the state budget will amount to 11.3 billion manat ($6.6 billion), which is 237.5 million manat ($139.7 million) less than this year.

The revenues of the state budget of Azerbaijan next year are projected to equal 30.72 billion manat ($18.07 billion), and expenditures - 33.3 billion manat ($19.6 billion).

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