BAKU, Azerbaijan, June 2. A total of 1.3 billion manat ($7.6 million) of additional income was received from the increase in oil prices in five months, Finance Minister of Azerbaijan Samir Sharifov said, Trend reports.
He made the remark at a joint meeting of the committees of the Milli Majlis (Parliament) on economic policy, industry, and entrepreneurship, and on labor and social policy during the discussion of amendments to the law "On the State Budget of the Republic of Azerbaijan for 2023".
He said that more funds are accumulating in the Oil Fund.
According to Statista, monthly crude oil price index worldwide reached 195.46 in April 2023, which represented the highest price index in 2023.
An energy supply shortage, which began unfolding in the latter half of 2021, as well as the fallout from the Russia-Ukraine war resulted in crude oil prices rising to 15-year highs.