Minister: Oil price in 2013 state budget reflects world market situation
The oil price worth $100 per barrel fixed in the Azerbaijani state budget for 2013 reflects the world market situation and does not cause risks, Finance Minister Samir Sharifov said while discussing the draft budget for 2013 at a meeting of five parliamentary committees on Wednesday.
"The oil price fluctuates, but, in general, it is at a relatively stable level," he said. "We see no serious risk that may arise while selling oil on international markets."
He added that this figure can not be a threat to Azerbaijani state oil company SOCAR's revenues as the company receives most revenues from selling products in the domestic market in local currency.
On Nov.5, the price of AZERI LT CIF Augusta was $107.75 per barrel, or $0.79 per barrel less, compared to the previous price, according to SOCAR, which has produced Light Oil since 1997.
Azeri Light oil is produced from the Azeri-Chirag-Gunashli offshore fields, which is developed under BP's operations.
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