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Ziyad Samadzade: Oil price to be reviewed in 2010 state budget blueprint

07 October 2009 15:01 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. Azerbaijan will review the oil price forecast amid discussions on state budget blueprint, said Ziyad Samedzade, the Chairman of a Parliamentary Commission on Economic Policy.

"This issue shall be considered in during draft budget discussions. We know that the price of oil affects all parameters of economic development. We need to insure ourselves against fluctuations, not to clam ourselves by a bloated figures,â€ he added.

He added that the price of oil dropped by a factor of three times.

"Just a single country canâ€™t analyse factors that could affect the future price of oil. This is indeed a global issue. Oil price is affected by consumption in the United States, China, India, as well as developing countries," he added.

Azerbaijan built its 2009 state budget on an oil price forecast of $70 per barrel.