Bank Of Baku

Minister of Economic Development: Oil price fall would not hit Azerbaijan

Minister of Economic Development: Oil price fall would not hit Azerbaijan
# 08 October 2008 15:19 (UTC +04:00)
Baku. Nijat Mustafayev - APA-Economics. The plummeting oil prices in world markets would not pose problems for Azerbaijan, said Heydar Babayev, the Minister of Economic Development.
He said that the current price of oil per barrel is above the petrodollar receipt set at $70 a barrel for the state budget.
“Analysts forecast that oil prices will not drop below $50 and will be about 80-90 dollars a barrel. However, the decline in oil and gas production may increase prices to $ 90-100” he added. .
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