Oil prices and dynamics of monetary market of Azerbaijan (Jan. 11-15)
The average price for AZERI LT (CIF based), extracted on the block of Azerbaijani fields Azeri-Chirag-Guneshli, was $31.71 per barrel on Jan. 11-15 or $4.4 per barrel less than the previous week.
The maximum price for AZERI LT was $32.81 per barrel and the minimum price was $30.72 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 $26.2 per barrel or $4.38 per barrel less than the previous week.
The maximum price for Urals totaled $27.3 per barrel and the minimum - $25.3 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 $29.02 per barrel or $5.23 per barrel less than the previous week.
The maximum price for Brent was $30.05 per barrel and the minimum - $28.07 during the reporting period.
The first auction, held by using a new mechanism - through regular auctions of the Central Bank of Azerbaijan (CBA) three times a week, was held on Jan. 13. That day the State Oil Fund of Azerbaijan (SOFAZ) sold $ 200 million to 32 local banks through the auctions of CBA. SOFAZ also sold $ 200 million to 35 local banks through the auction of the Central Bank of Azerbaijan (CBA) Jan. 15.
Thus, SOFAZ will continue selling foreign currency via auctions in 2016.
The foreign currency is sold as part of SOFAZ's transfers to the state budget of Azerbaijan, which are envisaged in the amount of six billion manat in 2016.