BAKU, Azerbaijan, May 31. The Ministry of Finance of Azerbaijan has announced that the price per barrel of Azerbaijani Azeri Light oil in the state budget for 2023 will increase from $50 to $60, Trend reports.
This information was presented in the latest macroeconomic forecasts, which determine the average export level of oil prices for the remainder of the current year.
According to the Ministry of Finance, the average export price per barrel of Azerbaijani oil was $85.8 from January through April 2023. This is significantly higher than the price that was used when setting the previous budget parameters for 2023, and $35.8 higher than the expected price in the budget.
Forecasts also indicate that Azerbaijan's real GDP will grow by 1.8 percent to 111.6 billion manat ($65.6 billion) in 2023, which is 5.6 billion manat ($3.2 billion) more compared to the previous forecast.
Non-oil GDP is also expected to grow by 4.9 percent to 77.7 billion manat ($45.7 billion), exceeding the previous forecast by 4.4 billion manat ($2.5 billion).
Meanwhile, inflation in Azerbaijan is expected to reach 10.4 percent this year. This is 3.5 percentage points more in comparison with the previous forecast of 6.9 percent.
The increase in the price of Azerbaijani oil in the state budget for 2023 reflects the growing demand for energy resources and expectations of stable growth of the Azerbaijani economy.