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Shahmar Movsumov: “Azerbaijan’s budget no longer relies on oil prices”


Fund revenues are distinctly impacted by world oil prices, Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov told the press conference on 23 July, budget.az reports.

The crude oil markets sustained high price levels this year, as the spot crude oil prices averaged 5 per barrel, marking the benchmark averaged more than 0 per barrel for First-Half, according to him.

“Today, the economy does not rely on oil prices. Oil prices could possibly go up or down. Moreover, the State does not depend on oil prices today thanks to adequate institutional framework formed in Azerbaijan.  Namely, there I no risk to transfer the planned AZN 9.9 billion to the state budget regardless of oil prices and manat rates against USD. Because the Oil Fund is able to protect Azerbaijani budget from the impact of oil price and AZN/USD exchange rate fluctuation. So, possibility of any problem must be ruled out here," Movsumov said.     


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