On May 16-20, the average price on Azeri Light CIF Augusta exported from Azerbaijan via the Ceyhan and Batumi ports was about $115.5 per barrel, or $2.57 less than the previous price.
The maximum price was $117.17 per barrel. The minimum price was $112.9.
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 $107.34 per barrel, or $2.3 less than the previous price.
The maximum price was $109.16 per barrel and the minimum - $104.81. 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 about $112 per barrel, or $2.81 less than the previous price. The maximum price was $113.73 per barrel and the minimum - $109.37. 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 to the US dollar, set by the Central Bank of Azerbaijan , consolidated by 0.0005 points (0.05 percent). The average rate was established at 0.79044 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. In terms of communication, this mechanism is not only beneficial, as this will allow the CBA to move to the regime of freely floating exchange rate in the long term.
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 unchanged at 0.79 manat to $1.
Deals concluded last week at BEST with transition to currency (T+0) comprised: May 16- $ 1.81 million with exchange rate of 0.79 AZN/USD, May 17- $4.27 million with exchange rate of 0.79 AZN/USD, May 18 - $0.874 million with exchange rate of 0.79 AZN/USD, May 19 - $0.842 million with exchange rate of 0.79AZN/USD and May 20 - $1.079 million with exchange rate of 0.79AZN/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.