15:54 - 5.09.2023
September 5, Fineko/abc.az. Azerbaijan’s crude oil Azeri Light (CIF) has risen in price at world markets. The price of a barrel of Azerbaijani oil increased by 1.20%, or by $1.13, compared with the previous day and amounted to $94.63. And in the State Budget of Azerbaijan for 2023, the price of a barrel of oil is $60. Obviously, the price of oil on the world market is much higher than stipulated in the State Budget.
ABC.AZ reports that speaking about the benefits of this for the state, MP Vugar Bayramov noted that the increase in oil prices at the world market, on the one hand, directly affects revenues to the State Oil Fund, as well as to the budget.
"Especially considering that the rise in oil prices affects the growth of Azerbaijan's state assets. In this regard, it is natural that the increase in oil prices is of fiscal importance for Azerbaijan, and the increase in budget revenues, therefore, also has direct impact on spending. In fact, one of the main reasons for additions and changes to State Budget 2023 was linked with the fact that the oil price at the world market was higher than predicted," the MP said.
