High global oil prices shouldn't fuel expectations of extra budget spending, MP says

The high actual price of oil on the world market should not create expectations for unjustified additional expenditures from the state budget, MP Azer Amiraslanov said at a meeting of the Milli Majlis Committee on Economic Policy, Industries, and Enterprising during the discussion of the 2027 budget package, Report informs.

He emphasized that Azerbaijan needs to sensitively consider changes in the global economy, which is currently under the influence of geopolitical factors.

"The forecast of the average annual oil price of $65 embedded in the state budget and the actually higher cost on the world market should not cause complacency and expectations of unjustified additional expenditures. $65 is not a forecast of the current market price, but a cautious fiscal base rate. All strategic initiatives implemented by Azerbaijan so far have been carried out at the expense of state resources," Amiraslanov noted.