Azerbaijan's GDP saw a 2.7 percent decrease in the first half of the year, partially due to obligations under the OPEC+ oil production cuts deal, President Ilham Aliyev said on Thursday
BAKU (Pakistan Point News / Sputnik - 06th August, 2020) Azerbaijan's GDP saw a 2.7 percent decrease in the first half of the year, partially due to obligations under the OPEC+ oil production cuts deal, President Ilham Aliyev said on Thursday.
"Over the six months, our economy shrank by 2.7 percent only. The oil prices collapse has played a certain role, as well as our obligations within the OPEC+, since we have reduced production," Aliyev said at a video conference on the socioeconomic situation in the country.
The Azerbaijani government will adjust budget expenditures assuming an oil price of $35 for barrel, the president added.
The budget previously assumed $55 for barrel of oil.
