BAKU, Azerbaijan, August 1. According to the Azerbaijani Finance Ministry, international financial institutions and agencies forecast the average annual price of Brent crude oil to be around $75–80 per barrel.
The ministry also noted that the average annual export price of one barrel of Azerbaijani crude oil, which was set at $50, has been increased to $60.
Additionally, according to the Ministry of Economy, when preparing the draft state budget for 2023, the GDP was set at 106 billion manat ($62.4 billion) and the non-oil GDP at 73.3 billion manat ($43.2 billion), with real growth rates of 2.7 and 4.5 percent, respectively.
As a result, the macroeconomic estimates have needed to be adjusted in light of the first quarter of 2023's performance and the state of the commodity markets. As a result, Azerbaijan's GDP is anticipated to reach 111.6 billion manats ($65.8 billion) in 2023, with the non-oil GDP increasing by 4.4 billion manats ($2.6 billion) to 77.7 billion manats ($45.7 billion) in real terms.
Moreover, the forecast for the real GDP growth rate of the non-oil and gas sector has been raised from 4.5 percent to 4.9 percent. The growth rate of real GDP will be 1.8 percent, and in nominal terms, it's projected to increase to 111.6 billion manat ($65.8 billion) and the non-oil and gas sector GDP to 77.7 billion manat ($45.7 billion).
Total crude oil production for both OPEC and non-OPEC countries will be set at 40.46 million barrels per day, as agreed in the block.
In 2024, Azerbaijan is anticipated to increase its daily crude oil production to 551,000 barrels.
