Oil market

OPEC will take several important resolutions at a meeting due in Karakas in June in connection with the oil production volumes, Rafael Ramires, Venezuelas minister for energy and mining industry, stated.

Venezuela is an only OPEC country, which come out with an initiative on cut in the crude production quotations at meeting held in Vienna on 8 March 2006. By majority of votes it was resolved to maintain the exiting production rate 28 million barrels a day.

Ramires avoided stating his countrys intention to insist on cut in the oil production.

The situation with export and production of oil remains stable in Azerbaijan. BP is planning to deliver the first tanker with oil from Ceyhan. From May to December (includingly) the SOCAR intends to sell from the Novorossiysk over 1.76 million tons of Urals. In 2006 the SOCAR planed to ship from the port 2,011 million tons of Urals against 1,631 million tons in 2005. Until the exploitation of the BTC the SOCAR intends to export 80,000-85,000 tons of oil a month. Following the commissioning of the BTC, which is scheduled for early May-late June, the northern route will be filly under SOCARs disposal.

The density of Azeri Light is 34.6 degrees by API, sulphur content 0.14%.

The density of oil URAL is 32 degrees by API, sulphur content - 1.3%. The density of oil DTD is 38.3 degrees by API, sulphur content - 0.36%. The density of URAL is 32 degrees by API, the sulphur content 1.3%. The density of DTD oil is 38.3 degrees by API, the sulphur content 0.36%.

Currency market

As a result of the last week official rate of manat in regard to US dollar, set by the National Bank of Azerbaijan dropped by 0.0008 point or 0.08%. Average rate was established as 0.91084 manats per 1 US dollar.

Last week maximum rate of US dollar in respect to manat was established on 13 March (0.9112 manats per 1 US dollar), minimum 17 March (0.9104 manats per US dollar).

As of results of the last week exchange rates of Azerbaijani manat in regard to US dollar, established on the base of results of the Baku Interbank Currency Exchange (BICEX) increased by 0.0011 point or 0.11%. Average rate was fixed as 0.91074 manats per US dollar.

Last week maximum rate of US dollar in respect to manat was established on 13 March (0.9112 manats per 1 US dollar), minimum 17 March (0.9104 manats per US dollar).

Deals concluded last week at BEST with transition to currency (T+0) comprised $0,100with average sustained exchange rate of 0,9112 AZN/USD on 13 March, no deals 14 March, $4,589m with average sustained rate of 0,9106 AZN/USD on 15 March, $2,470m with average sustained rate of 0,9106 AZN/USD on 16 March and $8,1759m with average sustained rate of 0,9101 AZN/USD on 17 March .

Last week no deals were concluded through Russian or European currency.

Privatization shares market

Prices of vouchers remained at the same level and comprised 12 manats.

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