Goldman Sachs raises its oil forecast: what it means for Azerbaijan’s economy
Goldman Sachs’s $5 per barrel increase in its oil price forecast may at first glance seem like a normal piece of news about the global energy market. However, for the Azerbaijani economy, which is significantly dependent on oil revenues, this change has broader macroeconomic implications. It is especially noteworthy that this decision coincides with a period when Azerbaijan’s foreign exchange reserves have reached record levels, deposits in the banking sector have grown, and the country’s current account surplus is maintained.