Azerbaijan's Finance Minister reveals oil price forecast for 2H2020

BAKU, Azerbaijan, Aug. 5

By Elchin Mehdiyev - Trend:

The oil price in the state budget of Azerbaijan has been revised and is projected at around $35 per barrel, Azerbaijani Finance Minister Samir Sharifov said, Trend reports.

Sharifov made the remark at a meeting of Azerbaijan’s Parliament during the discussion of amendments to the state budget for 2020.

The minister said that decline in GDP began in April 2020, but, according to the forecast, in general, it will not exceed 5 percent.

“The decline in revenues is also conditioned by the new forecast for oil prices. Thus, the oil price in the budget was initially set at $55 per barrel, but for the next six months, it is forecasted to be $35 per barrel,” Sharifov noted.