GOVERNMENT OF AZERBAIJAN FORECASTS OIL PRICE AT $50 FOR BARREL IN 2006
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 countryвЂ™s large budget the next year, the Cabinet of Ministers said.
The tendency for the increase of the budgetвЂ™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.