Azerbaijan's state budget for 2016 may be reviewed

Azerbaijan's state budget for 2016 may be reviewed Nearly twice increase in price will result in receipt of additional funds to the state budget
Energy
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May 17, 2016 10:22
Azerbaijan's state budget for 2016 may be reviewed

Baku. 17 May. REPORT.AZ/ 'Exceeding of Azerbaijani oil price to 50 US-dollars in the world market, may necessitate to reconsider 2016 state budget of Azerbaijan.

Report was told by Vahid Ahmadov, member of Milli Majlis (Azerbaijani Parliament) Committee for Economic Policy, Industry and Entrepreneurship.

Committee member said that oil price calculated at 25 US-dollars in the state budget: 'Currently, oil price exceeds 50 USD. Nearly twice increase in price will result in receipt of additional funds to the state budget. If necessary, the budget may be reviewed in May and June. But it may also not been reviewed as additional funds may be gathered in the State Oil Fund of Azerbaijan and transferred from the fund. Even reviewing the budget, there is no violation of the law'.

Notably, today price of Azerbaijan's 'Azeri LT CIF' crude oil, which delivered to the world market through Supsa, Batumi and Ceyhan ports, increased 1,20 USD or by 2,44% per barrel. Thus, price of 'Azeri LT CIF' per barrel made 50,30 USD. 

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