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Oil prices and dynamics of monetary market of Azerbaijan (8.11- 12.11.2010)

Analysis Materials 18 November 2010 11:01 (UTC +04:00)

The average price on Azeri Light CIF Augusta exported from Azerbaijan via the Ceyhan and Batumi ports was $88.87 per barrel, or $1.96 more than the previous price Nov. 8-12. The maximum price was $89.78 per barrel. The minimum price was $87.79 per barrel on Nov. 8-12

Azeri Light's density is 34.6 degrees API with a 0.14-percent sulfur content. The average price on Urals (Ex-Novo) exported from Azerbaijan via the Novorossiysk port was about $85.63 per barrel, or $1.84 more than the previous price.

The maximum price was $86.4 per barrel and the minimum - $84.19 per barrel Nov. 8-12. Urals' density is 32 degrees API with a sulfur content up to 1.3 percent. The oil grade's specifications vary when sold depending on its high/low-quality content.

The average price on Brent Dated was $87.4 per barrel, or $1.7 more than the previous price Nov. 8-12. The maximum price was $88.06 per barrel and the minimum - $86.01 per barrel. Brent Dated's density is 38.3 degrees API with a sulfur content of 0.36 percent.

Monetary market

Last week the official rate of the manat against the US dollar, set by the Central Bank of Azerbaijan, consolidated by 0.0002 points or 0.02 percent. The average rate was established at 0.7998 manat to 1 U.S. dollar.

The maximum rate of the US dollar compared to manat was established Nov.12 (0.8001  manat to 1 U.S. dollar) and minimum was established Nov.8 and 13 at 0.7999 manat 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 0.0005 points or 0.05 percent and was 0.7992 to $1.

Deals concluded last week at BEST with transition to currency (T+0) comprised: Nov.8 - $4.8 million with exchange rate of 0.7994 AZN/USD, Nov.9 no deals were concluded, so the rate remained without change at 0.7994 AZN/USD, Nov.10 - $0.89 million with exchange rate of 0.7994 AZN/USD, Nov.11- $10 million with exchange rate of 0.7989 AZN/USD, Nov.12 - $3.5 million with exchange rate of 0.7989 AZN/USD.

No deal was concluded with USD/AZN T+1 and T+2 due to too few appeals by dealers. Appeals were not received on RUB/AZN and EUR/AZN.

Market of privatization shares

Last week, the price on privatization vouchers remained without changes, with purchases was running for five manat and sales for six manat. President Ilham Aliyev's decree on additional measures to ensure the use of state privatization vouchers prolonged the validity period until Jan. 1, 2011. This decision was made as roughly 80 percent of the vouchers were still in circulation.

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