BAKU, Azerbaijan, November 4. The fact that the price of oil on the world market is $10 higher than envisaged in the budget increases the state budget revenues by $420 million and the revenues of the State Oil Fund even more, Azerbaijani Finance Minister Samir Sharifov said, TurkicWorld reports.

He spoke at the discussion of the "State Budget of Azerbaijan for 2024" at a joint session of Azerbaijan's Milli Majlis (Parliament) Committees on Public Associations and Religious Structures, Science and Education, Family, Women and Children Affairs, Health and Culture.

The minister noted that the government faces great challenges (restoration of liberated territories, strengthening of defense capabilities and other programs).

The cost of a barrel of oil in the state budget is set at $60.