Azerbaijan raises average annual price of crude oil by $ 35

Taking into account the ongoing processes on a global scale and high price expectations for energy resources, the average annual export price of a barrel of crude oil increased from $ 50 to $ 85 when Azerbaijan's economic growth forecasts were updated.

Report informs, citing the updated draft law, "On the state budget of Azerbaijan for 2022, the average export price of Azeri Light crude oil for five months of this year was $ 106.3.

"Along with the macroeconomic results of the first four months of this year, the five-month fiscal performance indicators and the dynamics of commodity markets provide a basis for updating the macroeconomic forecasts for the current year," the draft law reads.

On June 20, August futures for Brent crude rose 0.61% to $ 113.81 and for WTI oil increased by 0.7% to $ 108.72 per barrel.