Oil prices and dynamics of Azerbaijani currency market (Feb.25-March 1)
On Feb.25-March 1, the average price on AZERI LT, exported from Azerbaijan via the Ceyhan, Batumi and Supsa ports to Italian Augusta port, was $115.93 per barrel or $2.78 per barrel less than the previous week. The maximum price for AZERI LT was $117.89 per barrel. The minimum price was $113.93. Azeri Light's density is 34.6 degrees API with 0.14-percent sulfur content.
The average price on Urals (Ex-Novo) exported from Azerbaijan via the Novorossiysk port was $108.49 per barrel or $4.53 less than the previous week. The maximum price for Urals was $111.03 per barrel and the minimum - $106.51 per barrel. Urals' density is 32 degrees API with 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 $112.53 per barrel or $3.27 less than the previous week. The maximum price was $114.84 per barrel and the minimum - $110.23. Brent Dated's density is 38.3 degrees API with sulfur content of 0.36 percent.
Last week the official rate of the manat to the US dollar, set by the Azerbaijani Central Bank (CBA) increased by 0.0001 points (0.01 percent). The average rate was established at 0.78482 manat to 1 U.S. dollar.
As a result of last week's exchange, the stock exchange price of the Azerbaijani manat to the U.S. dollar, established based on results from the Baku Inter-bank Currency Exchange (BICEX), decreased by 0.0002 points (0.02 percent). The average rate was set at 0.78368 manat to 1 U.S. dollar.
Deals concluded last week at BEST with transition to currency (T+0) comprised: Feb.25 - $3.38 million with exchange rate of 0.7835 AZN/USD, Feb.26 - $3.925 million with exchange rate of 0.7838 AZN/USD, Feb.27 - $1.5 million with exchange rate of 0.7837 AZN/USD, Feb.28 - $2.274 million with exchange rate of 0.7837 AZN/USD, March 1 - $0.834 million with exchange rate of 0.7837 AZN/USD.
No deal was concluded with USD/AZN T+2 due to few appeals made by dealers. Deals worth $26 million with USD/AZN T+1 at the exchange rate of 0.7843 AZN/USD were conducted on March 1. On appeals on RUB/AZN and EUR/AZN, appeals were not made.