CBA Unveils Oil-Gas Price Projections For 2024-2025
(MENAFN- AzerNews)
Ulviyya Shahin Read more
Against the backdrop of evolving global energy markets, theCentral bank of Azerbaijan (CBA) has offered insights into theanticipated trajectories of oil and gas prices for the years 2024and 2025. Taleh Kazimov, the chairman of the CBA, revealed theseprojections during a press conference, Azernews reports.
Kazimov outlined that the CBA forecasts the average price perbarrel of oil to hover around $85.7 throughout 2024. Looking aheadto 2025, the bank anticipates a slight decline, with the averageprice per barrel dropping to $83.5.
In addition to oil forecasts, Kazimov also shed light on gasprice expectations. For the current year, gas prices are earmarkedat $281 per 1,000 cubic meters, with a slight uptick projected forthe subsequent year, set at $299 per 1,000 cubic meters.
These forecasts not only offer valuable insights for the energysector but also serve as vital inputs for Azerbaijan's economicplanning and financial decision-making processes in the years tocome.
Taleh Kazimov announced during a press conference that the CBAanticipates the growth rate of Azerbaijan's gross domestic product(GDP) to range between 3.5% and 4% for the current year
Kazimov further stated that economic growth is projected to bearound 3% in the following year.
Additionally, Kazimov provided insights into the forecastedgrowth of non-oil GDP, indicating an expected expansion of 5.5% in2024 and a range of 5% to 6% in 2025.
MENAFN01052024000195011045ID1108163308
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.