Azerbaijan may fix oil prices at $60 per barrel in 2011 state budget

"Based on the Economic Development Ministry's August estimations, the price per barrel of oil can be fixed at $60 in the next year's state budget," Bayramov said.

According to him, the work on 2011 budget projections is nearing end. A draft document will be submitted to the Cabinet of Ministers in September.

"The final figures for revenues and expenditures of the 2011 state budget are now under discussion," Bayramov said.

Revenues of the Azerbaijani state budget totaled 4922.7 million manat (25 percent of GDP) in the first half of 2010, which is more by 1.3 percent over the same period of 2009. The budget expenditures  decreased by 3.6 percent to settle at 4.2767 billion manat (17.7 percent of GDP). Budget surplus for January-June amounted 646 million manat, which made up 3.3 percent of GDP.


/Trend/