Finance Ministry: SOFAZ assets may reach $53 billion this year

The assets of the State Oil Fund (SOFAZ) are expected to reach $51.7 billion, as stated in Finance Ministry's "Certificate on the semi-annual execution of the state and consolidated budgets for 2023 and the document on expectations for the end of the year", according to Report.

The document states that this will happen at crude oil prices at $60 per barrel, taking into account actual revenues in 2023.

Each change in the price of crude oil by $10 leads to an increase or decrease in the fund's assets by about $0.7 billion compared to the scenario of the crude oil price of $60. Thus, as of January 1, 2024, the fund's assets are expected to reach $50.3 billion in the scenario of the oil price of $40, which is $1.4 billion less compared to the oil price of $60, and $53.1 billion in the scenario of $80 ($1.4 billion).