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The current level of oil prices will support the modest growth of Azerbaijan's economy, Moody's Investors Service said in a report on January30.
Moody's expects oil prices to remain within a range of $40 to $60 per barrel over the medium term.
The agency's analysts believe that current levels of oil prices relieve pressure on terms of trade in Russia, Kazakhstan and Azerbaijan.
Moody's says that the outlook for sovereign creditworthiness in the Commonwealth of Independent States (CIS) in 2018 is stable overall, in view of the healthy economic growth and stable oil prices seen after the region-wide economic shock of 2014-16.
Restoration of the Russian economy stimulates exports and money transfers throughout the region, according to Moody's.
Moreover, Moody's expects an increase in exports of goods and services in the CIS region.
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