Baku: Azerbaijan’s Finance Minister, Sahil Babayev, announced an expected decrease in oil and gas prices during the discussion of the “Envelope of the State Budget of the Republic of Azerbaijan for 2026” at the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship meeting.

According to Azeri-Press News Agency, Babayev emphasized the significant growth in revenues from the non-oil sector, which have surged by 44.4% over the past five years. He highlighted the government’s strategic priority of reducing its reliance on transfers from the Oil Fund. Babayev stated that the collections from the oil and gas sector, facilitated by the Tax Service, are projected to be 3.6 billion manat. This figure is lower than the projections for 2025 and 2024, aligning with the anticipated decrease in oil and gas prices.