Azerbaijan revises state budget based on $25 per barrel

The government of Azerbaijan has submitted a new draft state budget for the current year to President Ilham Aliyev, Azerbaijani Finance Minister Samir Sharifov said.

According to him, the base price of oil amounts to $25 a barrel.  “The 2016 state budget was based on an oil price of $50 per barrel. However, a sharp decline in the crude oil price has reduced budget revenues. Therefore, the base price of oil in the revised budget amounts to $25 a barrel,” APA cited Sharifov as saying.