Azerbaijan's Finance Minister: Risks over oil and gas prices always exist

Risks related to crude oil and natural gas prices in the global market always exist, Azerbaijani Finance Minister Sahil Babayev stated while commenting on next year's state budget, Report informs.

"In the 2026 state budget, the price of one barrel of oil is set at $65, while the price of 1,000 cubic meters of gas is set at $262. Naturally, these are forecasts determined on the basis of international benchmarks, but it would be wrong to say they will be 100% accurate," Babayev noted.

The minister added that a sharp downward change in oil prices would affect budget execution:

"At any point in 2026, oil prices may fall below the level set in the budget. However, as prices rise later, the annual average will ensure budget execution. For example, in this year's budget, oil was set at $70 per barrel, and for most of the year, until around September–October, the average sales price was above $72. Although in September prices dropped to around $60–62, the average remained above $70, which ensured that budget revenues were more than covered."