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Azerbaijan’s Central Bank reveals oil price set in state budget for 2022

Oil & natural gas bring in around 90% of Azerbaijan’s export revenues and they finance around 60% of the government budget

Azerbaijan’s Central Bank reveals oil price set in state budget for 2022

Baku, November 1 - Neftegaz.RU. The price of Azerbaijani oil will be set at $50 in the state budget of Azerbaijan for 2022, Chairman of the Board of the Central Bank of Azerbaijan Elman Rustamov said at a press conference, Trend reports.

Earlier it was reported that oil price in the state budget for 2021 amounted to $45.
According to official forecasts:
  • the revenues of the state budget in 2022 will amount to about $15.781 billion
  • an increase of 5.4 % compared to 2021
  • state budget expenditures are projected at $15.822 billion
  • Compared to 2021, state budget expenditures will also grow - by 4.7 %
Revenues of Azerbaijani State Oil Fund (SOFAZ) amounted to $3.9 billion, while the budget expenditures constituted $2.7 billion in the 1st half of 2021.
Established in 1999, SOFAZ is a sovereign wealth fund, which accumulates and preserves Azerbaijan’s oil & gas revenues for future generations.

Since it regained its independence in 1991, Azerbaijan has come to play a meaningful role in shaping Europe’s energy market.
Azerbaijan exported 4.6 billion m3 of natural gas worth $1.4 billion to Europe in the 1st 9 months of 2021.

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