Minister: Oil prices in country's state budget to be set at $85 per barrel

By Azernews

By Ayya Lmahamad

As a result of the amendments to the state budget of Azerbaijan for 2022, the price of oil in it will be set at $85 per barrel, the country's Finance Minister Samir Sharifov has said.

He made the remarks during the discussion of amendments to the state budget for 2022 at an extraordinary meeting of the Azerbaijani parliament, Azernews reports, citing Trend.

"Given risks, it was proposed to reduce the price of oil in the state budget to $75," he said.

In this regard, the minister recalled that during the first five months of the year, the average export price per barrel of Azeri Light crude oil was $106.3.

"Taking into account the funds received during the five months and the funds to be received during the next seven months, it is more reasonable to proceed from the average price of $85 per barrel of oil," he said.

Moreover, Sharifov stated that the share of funds to be allocated for the reconstruction of Azerbaijan's liberated territories in the state budget for 2022 will be high. He added that the allocated funds are directed to the restoration of important infrastructure in the Karabakh and Eastern Zangazur regions.

The funds allocated for the restoration and reconstruction of the liberated territories from the state budget for 2022 have been increased by AZN470 million ($276.4m) up to AZN2.6 billion ($1.5bn).