Baku: Transfers from Azerbaijan’s State Oil Fund to the state budget are set to decrease significantly over the coming years. ‘Next year, transfers from the State Oil Fund to the state budget will decrease by approximately $1 billion. The plan for 2029 envisions an additional reduction of $1.5 billion, bringing the total transfer to $6 billion,’ stated Sahil Babayev, Azerbaijan’s Minister of Finance, during the plenary session of the Milli Majlis.

According to Azerbaijan State News Agency, Minister Babayev highlighted the importance of non-oil revenues in covering the country’s budget expenditures. He noted that next year, non-oil revenues are expected to cover 88 percent of current expenditures, marking a 7 percent increase from this year’s forecast. By 2029, the aim is to have these revenues fully cover protected state budget expenses, achieving 100 percent coverage.

Additionally, Minister Babayev provided insights into oil price forecasts, noting that the average oil price over the first ten months of this year was $72 per barrel. The expectation for next year is a decrease, with prices averaging around $65 per barrel.