Oil market
The oil prices increased a few on 19 November after the summit in Riyadh put the market participation in the dark if the OPEC intends to make a decision to increase oil volumes during the next ministerial meeting scheduled for 5 December 2007.
As a result of the trades in New York Mercantile Exchange on 19 November, the price of the future contract on WTI oil with delivery in January raised by $0.80 and made up $94.64 per barrel. In London the price of the January contract on Brent Crude oil in InterContinental Exchange Futures increased by $0.66 and totaled $92.28 per barrel.
The observers say that generally the OPEC summit took place without surprises significantly affecting the oil market. The only noticeable moments of this two days summit was the requirement of Iran and Venezuela to abandon the USD as only currency for oil accounts.
The President of Iran, Mahmoud Ahmadinejad, said that the serious fall of the USD rate adversely affects the oil producing countries. "Due to the unreliability of the USD, it needs to use other more reliable currency during commercial, economic and oil operations," he said.
The Finance Minister of Saudi Arabia, Saud Al-Faisal, abandoned the challenges of Iran and Venezuela, saying that the Kingdom does not want the USD to drop. The concluding communique of the summit did not accept the proposal reflecting the threats presented by the US currency.
Generally many analysts consider that the situation in the oil market remains unchanged. The position of OPEC also has not changed. According to the OPEC representatives, there is not deficit in the oil market.
The oil prices increased a few on 19 November after the summit in Riyadh put the market participation in the dark if the OPEC intends to make a decision to increase oil volumes during the next ministerial meeting scheduled for 5 December 2007.
As a result of the trades in New York Mercantile Exchange on 19 November, the price of the future contract on WTI oil with delivery in January raised by $0.80 and made up $94.64 per barrel. In London the price of the January contract on Brent Crude oil in InterContinental Exchange Futures increased by $0.66 and totaled $92.28 per barrel.
The observers say that generally the OPEC summit took place without surprises significantly affecting the oil market. The only noticeable moments of this two days summit was the requirement of Iran and Venezuela to abandon the USD as only currency for oil accounts.
The President of Iran, Mahmoud Ahmadinejad, said that the serious fall of the USD rate adversely affects the oil producing countries. "Due to the unreliability of the USD, it needs to use other more reliable currency during commercial, economic and oil operations," he said.
The Finance Minister of Saudi Arabia, Saud Al-Faisal, abandoned the challenges of Iran and Venezuela, saying that the Kingdom does not want the USD to drop. The concluding communique of the summit did not accept the proposal reflecting the threats presented by the US currency.
Generally many analysts consider that the situation in the oil market remains unchanged. The position of OPEC also has not changed. According to the OPEC representatives, there is not deficit in the oil market.
Currency market
Last week (12 to 16 November) the official rate of the manat against the US dollar, set by the National Bank of Azerbaijan rose by 0.0004 points or 0.04%. The average rate was established at AZN 0.84812 to 1 US dollar. Last week the maximum rate of the US dollar against the manat was established on 12 and 13 November (0.8483 manats to 1 US dollar), the minimum on 16 November (0.8479 to 1 US dollar).
As a result of last week's exchange rate of the Azerbaijani manat against the US dollar, established on the basis of results from the Baku Interbank Currency Exchange (BICEX), decreased by 0.0008 points or 0.08%. The average rate was fixed at 0.84676 to 1 US dollar.
Last week the maximum rate of the US dollar against the manat was established on 12 November (AZN 0.8472 to 1 US dollar), the minimum on 16 November (AZN 0.8464 to 1 US dollar).
Deals concluded last week at BEST with transition to currency (T+0) comprised $0.0 with an average sustained rate of 0.8472 AZN/USD on 12 November, $19.723mln with an average sustained rate of 0.8470 AZN/USD on 13 November, $6.382mln with an average sustained rate of 0.8466 AZN/USD on 14 November, $5.615mln with an average sustained rate of 0.8466 AZN/USD on 15 November and $7.661mln with the rate of 0.8464 AZN/USD on 16 November.
No deal was concluded with USD/AZN T+1, T+2 and SWAP_USD/AZN due to an absence of appeals by dealers. No deal with EUR/AZN T+0 was fixed.
Two deals were concluded with EUR/AZN T+0 with the total amount of AZN 513,446. A deal worth AZN 497,280 was concluded on 14 November with the average sustained rate of AZN 1.2429 per 1 EUR. On 16 November the amount of the deal was AZN 16,166 with the average sustained rate of AZN 1.2435 per 1 EUR.
In this period the price of vouchers was AZN 16. The allocation of privatization vouchers expires on the 1 January 2010.
Privatization shares market
In this period the price of vouchers dropped by AZN 1 to AZN 14. The allocation of privatization vouchers expires on the 1 January 2008.