Baku: Minister of Finance of Azerbaijan, Sahil Babayev, has addressed the decision to set the oil price at $65 per barrel in the state budget for 2026. This decision was discussed during a meeting of the Parliamentary Committee on Economic Policy, Industry, and Entrepreneurship, focusing on the ‘State Budget Package of the Republic of Azerbaijan for 2026.’

According to Azeri-Press News Agency, Minister Babayev explained that the chosen price is based on data from a pool of 22 international organizations. He noted that the consensus price among these organizations is $65, and the framework set by Azerbaijan is slightly above this consensus. He also addressed concerns about potential drops in oil prices, citing that despite periodic declines throughout the year, the 9-month average selling price of oil has remained above $72.