In the 2024 state budget of Azerbaijan, the average export price of 1 barrel of "Azeri Light" brand oil is expected to increase by 15 US dollars.

Axar.az reports that the Ministry of Finance has released information about this.

According to the information, changes were made to the base scenario of the macroeconomic forecast of the Ministry of Economy, the average annual export price of one barrel of oil increased from 60 US dollars to 75 US dollars (assuming actual sales prices for the last period of the year and 70 US dollars for the rest of the year, 15 US dollars compared to the previous forecast too) has been raised. In 2024, GDP will reach 121.3 billion manats (3 billion manats more than the forecast presented during the drafting of the state budget), including non-oil GDP 84.7 billion manats (more than the forecast presented during the drafting of the state budget 0.6 billion manats more than expected) is predicted to reach.

The updated macroeconomic forecast, fertile price dynamics in the world oil markets, the actual state of implementation of state budget revenues in the past period of the current year and the possibility of using additional fiscal space in the state budget create conditions for revising the revenue forecast for 2024.