Oil prices and dynamics of monetary market of Azerbaijan (18.07- 23.07.2011)
On July 18-22, the average price on Azeri Light CIF Augusta exported from Azerbaijan via the Ceyhan and Batumi ports was about $121.38 per barrel, or $0.76 more than the previous price.
The maximum price was $122.31 per barrel. The minimum price was $119.85 per barrel.
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 over $115.3 per barrel, or $0.4 more than the previous price.
The maximum price was $116.18 per barrel and the minimum - $113.82 per barrel.
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 $118.62 per barrel, or $0.57 more than the previous price.
The maximum price was $119.31 per barrel and the minimum - $117.34 per barrel.
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 0.0003 points (0.03 percent). The average rate was established at 0.786 34 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) hit0,7866 manat to $1.
Deals concluded last week at BEST with transition to currency (T+0) comprised: July 1 8-$ 1.37 million with exchange rate of 0.7866 AZN/USD, July 1 9 - $ 1.67 million with exchange rate of 0.7866 AZN/USD,July 20 - $ 16.22 million with exchange rate of 0.7866 AZN/USD,July 21 - $ 0. 857 million with exchange rate of 0.7866 AZN/USD,July 22 - $ 1.116 million with exchange rate of 0.7866 AZN/USD .