CBA unveils oil-gas price projections for 2024-2025

By Ulviyya Shahin

Against the backdrop of evolving global energy markets, the Central Bank of Azerbaijan (CBA) has offered insights into the anticipated trajectories of oil and gas prices for the years 2024 and 2025. Taleh Kazimov, the chairman of the CBA, revealed these projections during a press conference, Azernews reports.

Kazimov outlined that the CBA forecasts the average price per barrel of oil to hover around $85.7 throughout 2024. Looking ahead to 2025, the bank anticipates a slight decline, with the average price per barrel dropping to $83.5.

In addition to oil forecasts, Kazimov also shed light on gas price expectations. For the current year, gas prices are earmarked at $281 per 1,000 cubic meters, with a slight uptick projected for the subsequent year, set at $299 per 1,000 cubic meters.

These forecasts not only offer valuable insights for the energy sector but also serve as vital inputs for Azerbaijan's economic planning and financial decision-making processes in the years to come.

Taleh Kazimov announced during a press conference that the CBA anticipates 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 be around 3% in the following year.

Additionally, Kazimov provided insights into the forecasted growth of non-oil GDP, indicating an expected expansion of 5.5% in 2024 and a range of 5% to 6% in 2025.