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Azer Bayramov: â€œBase price of oil in Azerbaijanâ€™s state budget for 2012 has been considered at a very optimum levelâ€

29 September 2011 09:33 (UTC +04:00)

To him, this issue requires a conservative approach, which is associated with price changeability in the world market: â€œIn the end, it is better to exceed the projected revenue figure. From this perspective, I believe that the underlying price of oil in the draft budget for next year provides enough to the optimum levelâ€.

Remind that, recently the Ministry of Finance of Azerbaijan has submitted the draft budget and the country’s macroeconomic forecasts for 2012 to the Cabinet of Ministers. Base price of oil lies at the level of $80 per barrel in the draft budget. Budget expenses for the next year are expected to increase by 30% compared to previous year. The volume of transfers from the State Oil Fund in the budget revenues will not be less than in 2011.

Note that, the revenues of the state budget for 2011 approved at AZN 15,554.2 mln, expenses â€“ AZN 15,941.2 mln, the base price of oil lies at the level of $80 per barrel. Price of Azerbaijani oil in world markets on September 15 amounted to $119.56.