Finance Minister: Sharp drop in oil prices will lead to shortages

Today Finance Minister Samir Sharifov attended the plenary session of the parliament, Report says.

He spoke about the impact of the pandemic on oil prices. "While we set oil price $ 55 per barrel in the state budget of Azerbaijan this year, it was lower in April-May."

"Though the oil prices are gradually recovering, the temporary reduction will undoubtedly lead to some deficits. The coronavirus (COVID-19) pandemic has weakened economic activity and investment. As a result, tax revenues from the non-oil sector are expected to decline. "Reduction will probably happen in the second half of the year."