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Revenues of Oil Fund exceeded forecast by about 2 times last year

10 June 2022 13:30 (UTC +04:00)

In the reporting year, while the implementation of the Fund's budget was forecasted with a deficit, the budget has been completed with a surplus on the background of the net income price of oil exceeding budget, a positive tendency in the management revenues, as well as expenditures', being less than forecast, APA reports citing the opinion to the annual report of the Chamber of Accounts "On the implementation of the budget of the State Oil Fund of the Republic of Azerbaijan for 2021."

At the end of 2021, the budget of the State Oil Fund saw a surplus of AZN 4 603,0 mln. or USD 2 707,4 mln. (in 2020, the deficit made up AZN 3 064,5 or USD 1 802,4 mln.).

Although an average annual price of a barrel of crude oil on the forecast period in the budget of the State Oil Fund of the Republic of Azerbaijan for 2021 was considered USD 40.0, the net income price made up USD 65,4 during 2021.