Global energy prices skyrocketed in February supporting fiscal and external balances. Brent oil futures reached 130 USD/bbl in March as energy markets were disrupted by the war, APA-Economics reports citing the report of World Bank.
"Azerbaijan is abiding by the production quotas agreed with OPEC+ and a potential increase in oil production will depend on OPEC+ decisions and existing production capacity which has been declining in the past decade. On the upside, Azerbaijan’s state budget is based on an oil price of 50 USD/bbl and, hence, rising energy prices will provide a windfall to fiscal and external balances," the report reads.
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