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YEREVAN, NOVEMBER 1, ARMENPRESS. The prices for Azeri Light oil of Azerbaijan have declined by $ 2.38 or 4.64%, “Armenpress” reports azadliq.info informs.
Currently a barrel of Azeri Light oil costs $48.85.
The decline of oil prices in Azerbaijan leads to depreciation of Azerbaijani national currency, manat.
The lowest price for Azeri Light oil was recorded in 2001, $19.15, and the highest price was recorded in July 2008, $149.66.
Due to the global decline in oil prices and manat depreciation, the Azerbaijani economy has appeared in a crisis. A number of oil companies, private and public enterprises have closed causing unemployment for thousands. Azerbaijani economic growth declines rapidly, and according to international rating agencies, Azerbaijani banks face serious risks. Over a dozen of banks have closed during January-October, 2016.
95% of Azerbaijani exports comprises of gas, oil and crude. 75% of the state budget is formed from the revenues obtained from energy exports.
Oil price reduction negatively impacts almost all the spheres of economy of Azerbaijan.