Minister of Finance: "Removing the budget price of oil to $50 is a conservative approach"

Minister of Finance: "Removing the budget price of oil to $50 is a conservative approach"
"Taking the price of 1 barrel of oil at USD 50 in the state budget of Azerbaijan for next year is a very conservative approach."

Qazet.az reports that this was said by Finance Minister Samir Sharifov at a joint meeting of the Milli Majlis's Legal Policy and State Building, Defense, Security and Combating Corruption, Human Rights, International Relations and Interparliamentary Relations Committees.

"This approach protects us from the turbulence in the global oil markets. Our policy is to reduce dependence on oil at a consistent pace. Currently, we have taken into account the price of 50 dollars, which is higher than 90 dollars in the world market. With this approach, we insure ourselves against the negative effects of oil price fluctuations. I believe that we will continue this policy in the coming years. We have to be quite careful in this matter," he said.