Given the expectations of major international organizations, including the World Bank (WB), which predicts the price of oil at $51 per barrel for 2016 (IMF - $50.4 per barrel, the Economic Cooperation Organization - $50 per barrel, Goldman Sachs - $49.5 per barrel, Moody`s - $43 per barrel), the government considers the available forecasts acceptable. Thus, the pessimistic scenario of the Azerbaijani budget allows adhering to the forecasts without adjustment in 2016 as well if current prices remain.
Due to the fall in oil prices, revenues of oil companies declined, and as a result, income from tax on profits from the Azerbaijan International Operating Company (AIOC), which develops Azeri-Chirag-Guneshli block of fields, where Azeri Light is produced, amounted to 693 million manats in 2015 versus the forecasted 800 million manats.
The official exchange rate for December 16 is 1.0495 AZN / USD.
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