Azerbaijan's 2027 Budget Assumes $65 Oil Price to Guard Against External Shocks

Azerbaijan's 2027 budget forecasts take into account external economic risks linked to changes in oil prices. In calculating the budget, the price of one barrel of oil was set at $65.

Deputy Minister of Economy Sahib Alakbarov made the remarks at a joint meeting of the Milli Majlis Committee on Labour and Social Policy and the Committee on Economic Policy, Industry and Entrepreneurship, during discussion of the draft law on the 2027 budget of the State Social Protection Fund. Alakbarov said that risks in the external economic environment were carefully assessed during forecasting. Under the baseline scenario, the value of one barrel of oil is set at $65. He said this approach aims to ensure macroeconomic stability and protect the state budget from the negative effects of price fluctuations in international markets.

The deputy minister also said that, following instructions from the head of state, various measures are being taken to stimulate entrepreneurship, improve the investment climate, develop industrial infrastructure and encourage exports. To support businesses, new mechanisms have been launched to subsidise credit interest rates and compensate export costs.