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GOVERNMENT OF AZERBAIJAN FORECASTS OIL PRICE AT $50 FOR BARREL IN 2006

Oil&Gas Materials 9 August 2005 20:58 (UTC +04:00)

By definition of the forecast figure for the oil price the government of Azerbaijan is based on the conclusions of a number of analyses. Based on these analyses, the Governments forecasts the oil price in 2006 will not drop lower of $50, the Cabinet of Ministers told Trend. .

"By drawing up the budget forecast for 2006, various options for the oil prices were suggested, namely, $25, $32 and, at last, $35 per barrel. The decision to take $35 as a basis was taken due to the country’s large budget the next year, the Cabinet of Ministers said.

The tendency for the increase of the budget’s forecast for the oil continues for several years. In 2003 it was $19,5 for barrel, in 2004 - $22, in 2005 - $25 per barrel. In 2006 the record figure of $35 for barrel is planned.

The price for AZERI LT CIF on 8 August was $62,61/barrel (one of the record figures). The price for URAL (EX-NOVO) on 8 August was $58,02/barrel.

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