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    How Much Does Azerbaijan Really Earn from Higher Oil Prices?

    Development, Center for Economic and Social | April 2018
    Abstract
    Fiscal revenues of carbohydrogen rich Azerbaijan is severely dependent on sales of oil, oil products and natural gas. From this point of view the change of oil prices in the global markets is considered as the main indicator for estimating the financial condition of the government. It should be noted that the price of a barrel of oil is estimated to be 45 USD when calculating the state and oil fund budget of the current year. Under these circumstances the net profits of the State Oil Fund of Azerbaijan (SOFAZ) from the sale of carbohydrogens is estimated to be 9,724 billion manats, while tax revenues from the oil sector to the state budget is estimated to total 1,88 billion manats. As a result, the share of oil revenues in the state budget increased compared to last year and reached 55.1%3 (the same indicator was 47.9% in 20174). According to our observations, the current conjuncture in the global oil market is changing in the favor of Azerbaijan. The price of a barrel of BRENT crude oil is changing in the interval of 70-75 USD5. Overall the average price for a barrel of BRENT crude oil was 66.8 USD during January – March of 20186 [Note: Starting from the III quarter of 2017 SOCAR has stopped publishing the monthly average price of Azeri light, which is the only source of information]. In the meantime oil extraction of the country increased by 2.4% and reached 9,7 million tonnes, while gas extraction increased by 5,2% and attained 7,3 billion cubic meters.
    Citation
    Development, Center for Economic and Social. 2018. How Much Does Azerbaijan Really Earn from Higher Oil Prices?. © Center for Economic and Social Development. http://hdl.handle.net/11540/8251.
    Keywords
    Aid And Development
    Asian Development Bank
    Comprehensive Development Framework
    Development Cooperation
    Development Management
    Development Planning
    Development Strategies
    Gas Development
    Gas Market Development
    Oil and Gas Industry
    Natural Gas Industry
    Gas Industry
    Rural planning
    Aid coordination
    Industrial projects
    Infrastructure projects
    Natural resources policy
    Educational development
    Gas Reserve
    Gas Distribution
    Oil and Gas Leases
    Natural Gas
    Communication in rural development
    Communication in community development
    Economic development projects
    Development banks
    Economic forecasting
    Environmental auditing
    Cumulative effects assessment
    Human rights and globalization
    Gasoline
    Natural gas supply
    Offshore oil and gas leases
    Gas leases
    Natural gas reserves
    Fertilizers and manures
    Gasoline pump industry
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    Citable URI
    http://hdl.handle.net/11540/8251
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    CESD-Brief-How-Much-Does-Azerbaijan-Really-Earn-from-Higher-Oil-Prices.pdf (429.3Kb)
    Author
    Development, Center for Economic and Social
    Theme
    Development
    Industry
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise