BAKU, Azerbaijan, July 5. The real average price of one barrel of Azerbaijani oil in 2023 amounted to $83.4 per barrel, Trend reports via the Azerbaijani Chamber of Accounts's audit of the formation and use of funds of the State Oil Fund (SOFAZ) in main directions.
"Due to the average selling price of Azerbaijani oil in 2023 being $23.4 higher than forecasted, receipts to SOFAZ from oil and gas sales exceeded expectations by 2.753 billion manat, or $1.619 billion, totaling 14.519 billion (or $8.54 billion)," the chamber of accounts notes.
For 2024, the export price of Azerbaijani oil, when calculating the SOFAZ budget, is set at $75 per barrel.
To note, SOFAZ has been operating since December 1999 and accumulates revenues from the realization of international oil and gas projects in Azerbaijan.