Oil prices and dynamics of monetary market of Azerbaijan (March 11 - 16)
On March 11-15, the average price on AZERI LT, exported from Azerbaijan via the Ceyhan, Batumi and Supsa ports to Italian Augusta port, was $112.35 per barrel or $1.3 per barrel less than the previous week. The maximum price for AZERI LT was $113.13 per barrel. The minimum price was $111.43. 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 $105.8 per barrel or $0.87 less than the previous week. The maximum price for Urals was $106.87 per barrel and the minimum - $104.8 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 $108.45 per barrel or $1.59 less than the previous week. The maximum price was $109.32 per barrel and the minimum - $107.43. 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 Azerbaijani Central Bank (CBA) increased by 0.0001 points (0.01 percent). The average rate was established at 0.78486 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), increased by 0.0001 points (0.01 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: March 12 - $5.432 million with exchange rate of 0.7837 AZN/USD, March 13 - $1.072 million with exchange rate of 0.7837 AZN/USD, March 14 - $1.035 million with exchange rate of 0.7837 AZN/USD, March 15 - $7.061 million with exchange rate of 0.7836 AZN/USD. No deals were concluded on March 11, so the exchange rate remained at 0.7837 AZN/USD.
No deal was concluded with USD/AZN T+1 and T+2 due to few appeals made by dealers. No appeals were made on RUB/AZN and EUR/AZN.