19:27, 12 August 2004

Oil rises in price, Azerbaijan budget's receipts increase

It is planned to fix the oil price in the 2005 state budget within the bounds of $20-22 per barrel, the Ministry of Finance has announced.

In spite of the growing trend of world oil prices, the government of Azerbaijan adheres to conservative forecasts in order to avoid losses in the state budget in case of the recession of the prices. With the same purpose, additional receipts from the increase in the prices in the world market are accumulated on a special account of the State Treasury. As of July 1, 2004, 276.3 billion manats (approximately $56.4 million) are accumulated on this account, a source in the Ministry of Finance said.

The oil price in the 2004 state budget is fixed at the rate of $20 per barrel.

The world oil market keeps on breaking price records. The price has reached the record level, $45 per barrel.

Author: Zaur Rasulzade, CK correspondent

Source: Caucasian Knot