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Oil prices and dynamics of monetary market of Azerbaijan (Feb. 13-17)

Analysis Materials 21 February 2017 12:44 (UTC +04:00)

Oil market

Average price of AZERI LT CIF, extracted at Azerbaijan’s Azeri-Chirag-Gunashli block of fields, was $56.9 per barrel on Feb. 13-17 or $0.03 per barrel less than the previous week.

The highest price of AZERI LT was $57.42 per barrel, while the lowest price was $56.62 per barrel during the reporting period.

Azerbaijan sells AZERI LT via the Turkish port of Ceyhan and Georgian ports of Batumi and Supsa. The oil is supplied to Ceyhan via the Baku-Tbilisi-Ceyhan pipeline and to Georgia via the Baku-Supsa pipeline, as well as by rail.

Average price of URALS (EX-NOVO), exported from Azerbaijan via the Novorossiysk port, was $52.46 per barrel on Feb. 13-17 or $0.07 per barrel more than the previous price.

The highest price for URALS was $52.97 per barrel and the lowest price was $52.17 per barrel during the reporting period.

Azerbaijan sells the oil supplied via the Baku-Novorossiysk pipeline through Russia’s Novorossiysk port.

Average price of Brent Dated was $54.63 per barrel on Feb. 13-17 or $0.08 per barrel less than in the previous week.

The highest price for Brent was $55.24 per barrel and the lowest price was $54.34 during the reporting period.

Currency market

The official exchange rate of Azerbaijani manat against the US dollar set by Azerbaijan’s Central Bank (CBA) increased by 0.0051 manats, or 0.3 percent last week.

Accordingly, the average rate was set at 1.73092 AZN/USD.

The official exchange rate of manat against euro set by the CBA decreased by 0.0144 manats or 0.8 percent last week.

Accordingly, the average AZN/EUR rate was set at 1.8382 manats.

Last week, the price of one ounce of gold decreased by 25.5206 manats or 1.3 percent.

Accordingly, the average price of one ounce of gold stood at 2127.74526 manats.

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