Oil prices and dynamics of Azerbaijani currency market (march 12-17)
On March 12-16, the average price on Azeri Light CIF Augusta exported from Azerbaijan via the Ceyhan, Batumi and Supsa ports was $127.86 per barrel, or $0.54 more than the previous price. The maximum price was $129.17 per barrel. The minimum price was $125.97. 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 $121.58 per barrel, or $0.34 less than the previous price.
The maximum price was $123.36 per barrel and the minimum - $119.33.
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 $125.99 per barrel, or $0.35 less than the previous price.
The maximum price was $127.62 per barrel and the minimum - $123.83.
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 (CBA), consolidated by 0.0001 points (0.01 percent). The average rate was established at 0.78634 manat to 1 U.S. dollar, whereas the figure a week earlier hit 0.78622 manat.
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), cheapened by 0,0005 points (0.05 percent). Last week, the average rate was set at 0.7855 manat to 1 U.S. dollar.
Deals concluded last week at BEST with transition to currency (T+0) comprised: March 12-13 - no deal was concluded, therefore exchange rate remained unchanged at 0.7853 AZN/USD, March 14 - $1.05 million with exchange rate of 0.7853 AZN/USD, March 15 - $1.028 million with exchange rate of 0.7858 AZN/USD and March 16 - $40 million with exchange rate of 0.7858 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.