Revenues from the management of the State Oil Fund of Azerbaijan's (SOFAZ) funds exceeded the forecast by 2.6 billion manats ($1.5 billion) in 2024, the Chairman of the Chamber of Accounts, Vugar Gulmammadov, said during the first meeting of the Milli Majlis extraordinary session held Tuesday, according to Report.
"Last year, macro indicators were mainly based on an optimistic scenario. Every $10 increase in oil prices affected consolidated budget revenues by 2.1 billion manats ($1.2 billion), including 400 million manats ($235.3 million) on state budget revenues. Compared to the initial budget package, with a $22 increase in oil prices, state budget oil revenues increased by approximately 800 million manats ($470.6 million), and consolidated budget oil revenues increased by 6.8 billion manats ($4 billion). However, let us take into account that oil production decreased by 0.4 million tons, while natural gas production increased by 1.4 billion cubic meters," Gulmammadov said.