17:33 - 11.09.2023

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September 11, Fineko/abc.az. Over the past 3 months, world oil prices have increased by 22 percent. Now Brent crude is offered above $90 per barrel. The reason for the rise in oil prices is a reduction in production and an increase in demand. OPEC+ continues its policy of optimizing production, and there are no deviations in this issue. On the other hand, demand for oil is also growing in a number of leading countries, including China, which has not been without its impact on stock markets.

ABC.AZ reports that the above-said statement was made by expert economist Vugar Bayramov.

He noted that increase in oil prices creates opportunities for spending from the state budget in the country, in particular, from angle of timely fiscal obligations within the provided expenditures.

This is important for financial support of restoration of the occupation- liberated territories, on the other hand, it has positive effect on projects financed from the State Budget, including the financing of social programs. High oil prices are also important in terms of increasing foreign exchange reserves.

"Regular wage and pension increases are the main priorities of social policy. In January 2024, all types of labor pensions will be indexed and increased. Growth in other social areas is also among the main goals. In this regard, increase in our fiscal revenues also creates new opportunities for strengthening social security,” the expert noted.