Inflation has exceeded the central bank’s 3 percent target for several months. Annual price growth was 12.5 percent in November, down from a record high of 12.8 percent in October.

The outcome of last year’s hostilities has strengthened the position of Azerbaijan in the region and dealt a blow to the authority of Pashinyan.

Azerbaijan forecasts to produce 22.8 bcm in 2022 at the Shah Deniz offshore field, Oil and condensate production at the ACG bloc is projected at 170.1 million barrels.

The 200,000-barrel-per-day STAR refinery controlled by SOCAR was launched in 2018. The facility on Turkey’s Aegean coast processed 10.5 million tonnes of oil in 2020.

The state budget for 2022 projects revenues at 26.816 billion manats ($15.774 billion) and expenses - at 29.879 billion manats.