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Oil prices and dynamics of monetary market of Azerbaijan (Sept.26-30)

Analysis Materials 5 October 2011 11:09

On Sept. 26-30, the average price on Azeri Light CIF Augusta exported from Azerbaijan via the Ceyhan, Batumi and Supsa ports was about $109.41 per barrel, or $5.37 less than the previous price.

The maximum price was $110.95 per barrel. The minimum price was $107.57. 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 $103.24 per barrel, or $6.19 less than the previous price.

The maximum price was $104.99 per barrel and the minimum - $101.36. 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 $107.53 per barrel, or $4.95 less than the previous price. The maximum price was $109.3 per barrel and the minimum - $105.25. 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 (CBA), decreased by 0.0001 points (0.02 percent). The average rate was established at 0.78688 manat to 1 U.S. dollar.

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 0.7863 manat to 1 U.S. dollar.

Deals concluded last week at BEST with transition to currency (T+0) comprised: Sept. 26 - $1.699 million with exchange rate of 0.7863 AZN/USD, Sept.27 - $1.948 million with exchange rate of 0.7863 AZN/USD, Sept. 28 - $0.928 million with exchange rate of 0.7863 AZN/USD, Sept.29 - $2.459 million with exchange rate of 0.7863 AZN/USD and Sept.30 - 1.303 million with exchange rate of 0.7863 AZN/USD.

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

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