The assets of SOFAZ the State Oil Fund of Azerbaijan may reach $48.7 billion in 2023, with an average oil price of $105 per barrel in 2022, Trend reports via the Ministry of Finance of Azerbaijan.
Several scenarios of the change of SOFAZ assets at different oil prices have been prepared.
"In particular with the basic scenario of an average oil price of $85 per barrel during the current year the fund's assets will reach $47.8 billion by 2023, with an average oil price of $95 per barrel - $ 48.3 billion, with an average oil price of $75 per barrel $47.3 billion, with an average oil price of $65 per barrel - $46.9 billion," the Ministry informs.
Furthermore, in accordance with the forecasts of different international institutes the average price of Brent crude oil will be $100-107 per barrel in 2022.
According to the Ministry of Finance, the fall in oil prices by an average of $10 per barrel leads to a decrease in the revenues of the consolidated budget of Azerbaijan by an average of 1.7 billion manat ($1 billion) per year.