Oil market
Average price of AZERI LT CIF, extracted at Azerbaijan’s Azeri-Chirag-Gunashli block of fields, was $56.87 per barrel on Feb. 27-March 3 or $0.88 per barrel less than the previous week.
The highest price of AZERI LT was $57.52 per barrel, while the lowest price was $56.29 per barrel during the reporting period.
Azerbaijan sells AZERI LT via the Turkish port of Ceyhan and Georgian ports - Batumi and Supsa. The oil is supplied to Ceyhan via the BTC pipeline and to Georgia via the Baku-Supsa pipeline and railway.
Average price of URALS (EX-NOVO), exported from Azerbaijan via the Novorossiysk port, was $52.73 per barrel on Feb. 27-March 3 or $0.97 per barrel less than the previous week.
The highest price for URALS was $53.52 per barrel and the lowest price was $52.07 per barrel on Feb. 27-March 3.
Azerbaijan sells the oil supplied via the Baku-Novorossiysk pipeline through Russia’s Novorossiysk port.
Average price of Brent Dated was $54.6 per barrel on Feb. 27-March 3 or $0.97 per barrel less than the previous week.
The highest price for Brent was $55.27 per barrel and the lowest price was $54.06 during the reporting period.
Currency market
The official exchange rate of Azerbaijani manat against the US dollar set by Azerbaijan’s Central Bank (CBA) decreased by 0.0073 manats, or 0.4 percent last week.
Accordingly, the average rate was set at 1.75056 AZN/USD.
The official exchange rate of manat against euro set by the CBA increased by 0.0006 manats or 0.03 percent last week.
Accordingly, the average AZN/EUR rate was set at 1.84726 manats.
Last week, the price of one ounce of gold decreased by 18.1355 manats or 0.8 percent.
Accordingly, the average price of one ounce of gold stood at 2186.41446 manats.