Finance minister: Azerbaijan’s economy steady despite global oil volatility

Azerbaijan’s economy remains stable despite fluctuations in global oil markets, Finance Minister Sahil Babayev said, assuring that current price volatility poses no threat to the country’s financial outlook.

His remarks came as lawmakers reviewed the draft state budget for next year, which is based on an oil price of $70 per barrel, Caliber.Az reports via local media.

According to Babayev, an average price of Azerbaijan’s Azeri Light crude oil exceeded $72 per barrel from January to September 2025.

“According to consensus forecasts from 22 organizations, the projected oil price for next year is $65 per barrel. Currently, the consensus price for Brent crude is around $63, but Azeri Light sells for $3 higher. Over the past nine months, our oil has traded above $72 per barrel. As of today, Brent is in the $64–65 range,” Babayev noted.

He added that oil prices have remained volatile since the beginning of the year, fluctuating several times. However, the finance minister emphasized that, given the current global market conditions, there are no risks to Azerbaijan’s economy.

The 2025 state budget of Azerbaijan is based on an oil price of $70 per barrel, while the projection for 2026 is set at $65.

For reference, the average export price of Azeri Light crude in 2024 stood at approximately $84 per barrel.

By Vafa Guliyeva