The Azerbaijan Min Fin proposed that the 2022 state budget should be based on an oil price of $70/bbl, up from a previous estimate of $50/bbl. The proposal means that the oil industry will account for 53% of the state budget. In the first five months of 2022, the average export price of Azeri light was $106.3/bbl. The budget also assumes that GDP will grow by 5.5% this year and that inflation will accelerate to 12.5%.