Baku: The International Monetary Fund (IMF) has significantly revised its forecast for Azerbaijani oil prices, reflecting changing global conditions.

According to Azeri-Press News Agency, the IMF's latest report, approved in April, has increased the expected average price of Azerbaijani oil for 2026 from an earlier estimate of 66.7 US dollars to 84.2 US dollars, marking a rise of 17.5 US dollars or 26.2%.

The IMF has also adjusted its forecasts for subsequent years. For 2027, the projection has been increased from 64.9 dollars to 78 dollars. For 2028, the price is now expected to be 76.2 dollars, up from the previous 65.4 dollars. Predictions for 2029 have shifted from 66.4 dollars to 75.9 dollars, and for 2030, the estimate is now 75.7 dollars, compared to the earlier 67.2 dollars. The forecast for 2031 has been revised from 68.5 dollars to 77.2 dollars.

The IMF's price assumptions are founded on the baseline scenario from the World Economic Outlook (WEO) and include an additional premium of 2-3 US dollars per barrel. This premium accounts for the higher selling price of Azerbaijan's Azeri Light crude oil compared to Brent crude.

The revised forecasts are attributed to the IMF's updated assessment of global oil price trends, considering heightened geopolitical tensions in the Middle East and uncertainties regarding the Strait of Hormuz, a critical passage for oil transportation.