Fitch Solutions: Increasing oil production in ACG & rising energy prices to boost Azerbaijan's budget

"BP's increase in oil production in the Azeri-Chirag-Gunashli (ACG) field will boost exports, and high energy prices will benefit Azerbaijan's state budget."

Azernews reports that this was stated in a report by Fitch Solutions, part of Fitch Group.

The report noted that tensions in the Middle East have driven up crude oil prices while demand for natural gas remains strong. As a major producer and exporter of hydrocarbons, this situation will positively impact Azerbaijan's economy.

"Our Oil and Gas team forecasts that Brent crude oil will average $85 per barrel in 2024 and $82 per barrel in 2025," Fitch Solutions added.