Oil prices set at $80 per barrel in 2012 state

Oil prices set at $80 per barrel in 2012 state

The price of a barrel of crude oil has been set at $80 in calculation of revenues of the 2012 state budget. The State Oil Fund is expected to transfer AZN 9.905bn to the 2012 state budget, according to the Finance Ministry.

The budget revenues of the State Oil Fund of Azerbaijan are estimated at AZN 10.697bn and expenditures at AZN 10.482bn in 2012.

The oil output is forecast at 46m tonnes and gas output at 28.3m cubic meters for 2012.  The revenues of the 2012 state budget are forecast at AZN 16.436bn. Of this, AZN 12bn or 73.2% accounts for oil sector with the remaining AZN 4.4bn or 26.8% accounting for non-oil sector.

The state budget expenditures are planned at AZN 16.984bn with the budget deficit totaling AZN 548m.

 

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