Azerbaijan predicts oil price at $60 in 2011 budget
BAKU – The price of oil in Azerbaijan's state budget for 2011 is estimated at about $60 per barrel, Deputy Finance Minister Azer Bayramov told reporters.
Bayramov said the estimate was drawn up based on the projections issued by the Economic Development Ministry earlier this month.
The deputy minister also said final figures on budgetary revenues and expenses are under discussion. The draft budget will be submitted to the Cabinet of Ministers in mid-September.
Azeri Light crude is being exported in world markets for an average price of $76.
Azerbaijan produces most of its oil from the major Azeri-Chirag-Gunashli fields in the Caspian Sea. The Baku-Tbilisi-Ceyhan (BTC) main export pipeline, which runs through Georgia and Turkey, is transporting ACG oil.
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