Oil prices and dynamics of monetary market of Azerbaijan (18.04- 22.04.2011)
On April 18-22, the average price on Azeri Light CIF Augusta exported from Azerbaijan via the Ceyhan and Batumi ports was $126.9 per barrel, or $0.5 less than the previous price. The maximum price was $128.22 per barrel. The minimum price was $125.19.
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 $118.22 per barrel, or $1.14 less than the previous price.
The maximum price was $119.7 per barrel and the minimum - $116.13. 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 $123.51 per barrel, or $0.25 less than the previous price. The maximum price was $125.07 per barrel and the minimum - $121.31.
Brent Dated's density is 38.3 degrees API with a sulfur content of 0.36 percent.
Last week the official rate of the manat to the US dollar, set by the Central Bank of Azerbaijan , consolidated by 0.000 1 points (0.0 1 percent). The average rate was established at 0. 791 74 manat to 1 U.S. dollar.
After the Central Bank shifted to bilateral targeting of the dollar/manat from Jan. 10, 2011, exchange rate of the national has stabilized. Macroeconomic analysis showed that bilateral targeting of dollar/manat corresponds with the objectives of the Central Bank, particularly in influencing the inflation rate.
As a result of last week's exchange, the rate of the Azerbaijani manat to the U.S. dollar, established based on results from the Baku Inter-bank Currency Exchange (BICEX) remained at 0.001 points (by 0.1 percent) and hit 0.79 054 manat to $1.
Deals concluded last week at BEST with transition to currency (T+0) comprised: April 1 8 - deals were not concluded and therefore, the rate remained at 0.7913 AZN/USD, April 1 9 - $ 11.144 million with exchange rate of 0.79 04 AZN/USD, April 20 - $1. 19 million with exchange rate of 0.79 04 AZN/USD, April 21 -$2 0 million with exchange rate of 0.79 0 3 AZN/USD, April 22 - $ 76.43 million with exchange rate of 0.79 0 3 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.