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Oil prices and dynamics of monetary market of Azerbaijan (Dec.14-18)

Analysis Materials 21 December 2015 17:16 (UTC +04:00)

Oil market

The average price for AZERI LT (CIF based), extracted on the block of Azerbaijani fields Azeri-Chirag-Guneshli, was $38.3 per barrel on Dec.14-18 or $2.44 per barrel less than the previous week.

The maximum price for AZERI LT was $39.21 per barrel and the minimum price was $37.76 per barrel during the reporting period.

Azerbaijan sells AZERI LT via the Turkish port of Ceyhan and Georgian ports - Batumi and Supsa. The oil is supplied to Ceyhan via the BTC pipeline and to Georgia - via the Baku-Supsa pipeline and railway.

Azerbaijan plans to extract an average of 0.87 million barrels of Azeri Light per day in 2016.
The average price for Urals (Ex-Novo) exported from Azerbaijan via the Novorossiysk port reached $33.32 per barrel or $2.58 per barrel less than the previous week.
The maximum price for Urals totaled $34.17 per barrel and the minimum - $32.92 per barrel.
Azerbaijan sells oil supplied via the Baku-Novorossiysk pipeline through this Russian port.
SOCAR plans to pump 1.4 million tons of oil through the pipeline in 2016.

The average price for Brent Dated was $37.14 per barrel or $1.71 per barrel less than the previous week.

The maximum price for Brent was $38.02 per barrel and the minimum - $36.65 during the reporting period.

International financial institutions forecast that the average Brent price will reach $55-60 per barrel in 2016 compared to $53-55 per barrel in the current year.

Currency market

The official exchange rate of Azerbaijani manat to the US dollar set by Azerbaijani Central Bank dropped by 0.0005 manats (0.05 percent). Accordingly, the average rate was set at 1.04956 manats to 1 US dollar.

During the week, the official exchange rate of manat to euro set by the CBA consolidated by 0.0107 manats (0.9 percent). Accordingly, the average rate was set at 1.14658 manats to 1 euro.

This week, the price on one ounce of gold has decreased by 23,7164 manats (2.15 percent).

Accordingly, the average price for gold reached 1118,1794 manats.

The trading at Baku Interbank Currency Exchange (BBVB) has not been carried out since the beginning of the year, so the exchange rate of manat is not formed.

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