Base price of oil in Azerbaijan’s state budget for 2017 was set at $40 a barrel and we don’t expect any risk from oil price change, Azerbaijani President Ilham Aliyev said in his interview to Sputnik Azerbaijan agency.
“We revised the state budget this year and set the oil price at $25 a barrel, however we ended the year at growth. We have set the price at $40 for next year. I think the oil price will not decline below this price and we’ll not face additional problems. The only issue is that we were forced to reduce investment projects funded by the state”, the head of state said. The president noted that the main issue today is to diversify the export, export, introduce competitive products to the market and compensate the loss arisen from low oil price: “May be this is toward the positive. Because investment and demand were too much. If the money is much, there orders from some state structures. Therefore, the crisis on oil price made us normalize slightly and showed that the funds should be used economically. Now we are doing that”.
Aliyev noted that the oil market is adjusted for $60 even $70 a barrel: “This may be useful for everyone. Companies may have chance to invest, producing countries may provide financial revenue for different projects. Consumers may benefit by fulfilling the orders they were deprived of. ”
Crisis on oil price showed that funds should be used economically - President
18 October 2016
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