Azerbaijan: How Will Baku Handle the Oil Price Slide?

Oil workers with SOCAR, the Azerbaijani state oil company, prepare a new drill for a well at an oilfield on the outskirts of the capital Baku in January 2008. At $145 per barrel in June 2008, oil prices have since slipped to $57 in December 2014, which may have a serious impact on Azerbaijan’s 2015 budget. (Photo: Dean C.K. Cox)

“Azerbaijan is not afraid of $60 per barrel,” a headline on the pro-government Azerbaijani news site Trend proclaimed recently. But with Brent crude oil, the benchmark for the oil market, now hovering around $60 a barrel, Baku might well have something to fear.
 

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Azerbaijan: How Will Baku Handle the Oil Price Slide?

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