YEREVEN, SEPTEMBER, ARMENPRESS. The President of State Oil Company of Azerbaijan Republic (SOCAR), Rovnag Abdullayev , announced that due to decrease in oil prices in the world market, Azerbaijan’s state budget will be approximately twice smaller in 2016 compared to the current year. SOCAR is the predominant source for the state budget.

As “Armenpress” reports, citing virtualaz.org news website, Abdullayev told the journalists that according to predictions, next year the price per one barrel will be between $50-55 in the world market and based on that fact, the oil must be calculated at that price in 2016 Azerbaijan state budget.

According to him, the revenues of oil exports have decreased by 2-2.5 times due to oil price decline which means that SOCAR allocations to the state budget have decrease respectively.