Fitch Solutions: Rising energy prices to replenish Azerbaijan's budget

An increase in BP’s oil production at the Azeri-Chirag-Deepwater Guneshli (ACG) field is expected to boost exports and bolster Azerbaijan's state budget due to elevated energy prices.

While demand for natural gas remains high, tensions in the Middle East are putting increasing pressure on crude oil prices, said the report of Fitch Solutions (FS), owned by Fitch Group, Caliber.Az reports, citing Azerbaijani media.

This dynamic will have a positive impact on Azerbaijan's economy as a major hydrocarbon producer and exporter.

"Our oil and gas team forecasts that the cost of one barrel of Brent crude oil will average $85 in 2024 and average $82 in 2025," FS said in a report.