Dec.11, the price of AZERI LT CIF Augusta was $72.29 per barrel, or $0.6 per barrel down, compared to the previous day's price, according to the State Oil Company of Azerbaijan (SOCAR), which has produced Light Oil since 1997.
Azeri Light oil is produced from the Azeri-Chirag-Gunashli offshore fields, which is developed under BP's operations. It is directly delivered to the Turkish port of Ceyhan via the Baku-Tbilisi-Ceyhan main export oil pipeline, to the Georgian port of Supsa via the Baku-Supsa pipeline and to the Georgian port of Batumi by railway.
AZERI LT FOB Ceyhan oil price was $71.12 per barrel, or $0.58 per barrel less than the previous day's price.
Azerbaijan exports URALS oil from the Novorossiysk port, which is delivered via the Baku-Novorossiysk pipeline. The high quality Azerbaijani oil, including Azeri Light, is blended with other oil brands in the Russian pipeline system and is sold from the Novorossiysk Port as URAL.
The price of URAL (EX-NOVO) was $68.33 per barrel, or $0.65 per barrel less than the previous price.
A similar situation was observed with Brent Dated, produced from the North Sea. Dec.11, the price of Brent Dated was $70.23 per barrel, $0.57per barrel down compared to the previous price.
As a result of trades on Dec. 11, on the New York Mercantile Exchange the price of futures for WTI crude oil with delivery in January decreased by $0.67 to $69.78 per barrel. On the InterContinental Exchange in London, the January contract for Brent Crude oil increased in price by $0.02 to $71.88 per barrel.
Currency market
Last week the official rate of the manat against the US dollar, set by the Central Bank of Azerbaijan, dropped 0.0001 points or 0.01 percent. The average rate was established at 0.80278 manats to 1 U.S. dollar.
Last week the minimum rate of the US dollar compared to manat was established Dec. 7 (0. 80267 manats to 1 U.S. dollar) and maximum Dec 8-11, (0.8028 manats to 1 U.S. dollar).
As a result of last week's exchange rate of the Azerbaijani manat to the U.S. dollar, established based on results from the Baku Inter-bank Currency Exchange (BICEX), consolidated by 0.0003 points (0.03 percent). The average rate was fixed at 0.80284 to 1 U.S. dollar.
Deals concluded last week at BEST with transition to currency (T+0) comprised: Dec.7, $2.497 million with the average sustained rate of 0. 8029 manats to 1 U.S. dollar, Dec.8, $1,052 million with the average sustained rate of 0. 8029 manats to 1 U.S. dollar, and Dec.9, $2.24 million with the average sustained rate of 0.8029 manats to 1 U.S. dollar, on Dec.10, $$ 8,041million with the average sustained rate of 0.8029 manats to 1 U.S. dollar, and on Dec.11, $5.6 million with the average sustained rate of 0. 8029 manats to 1 U.S. dollar
No deal was concluded with USD/AZN T+1, T+2 and SWAP_USD/AZN due to an absence of appeals by dealers. Appeals were not received on RUB/AZN, BEST and EUR/AZN (Ň+1, Ň+2).
Market of privatization shares
Last week the price of the privatization vouchers consolidated one manat, purchase was 8 manats, and sale - 9 manats. The validity period of the vouchers will expire on Jan. 1 2010. So far, around 75 percent of vouchers has been derived, and another extension of their validity period remains uncertain.