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Azerbaijan sets oil price in State Budget for 2020 at $ 35 p/b

07 August 2020 11:25 (UTC +04:00)

The price of oil per barrel set $ 35 on Azerbaijan's state budget for 2020, this is reflected in the draft law "On Amendments to the Law on the State Budget of the Republic of Azerbaijan for 2020", APA reports.

Based on the draft law, the Ministry of Economy updated in July its forecast issued in May regarding reduction by 3.8 percent of the gross domestic product by the end of the current year and predicted that the GDP reduction rate will settle down around 5.0 percent, the sale price of one barrel of crude oil of Azeri Light brand will decrease by $20 compared to the approved forecast ($55) and will be at the level of $35.