Oil prices and dynamics of monetary market of Azerbaijan (Feb. 8-12)
The average price for AZERI LT CIF, extracted on the block of Azerbaijani fields Azeri-Chirag-Guneshli, was $32.4 per barrel on Feb. 8-12 or $2.62 per barrel less than the previous week.
The maximum price for AZERI LT was $34.26 per barrel and the minimum price was $30.43 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 was $28.09 per barrel on Feb. 8-12 or $2.43 per barrel less than the previous week.
The maximum price for Urals totaled $29.98 per barrel and the minimum - $26.04 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 $30.4 per barrel on Feb. 8-12 or $2.05 per barrel less than the previous week.
The maximum price for Brent was $32 per barrel and the minimum - $28.66 during the reporting period.
The official exchange rate of Azerbaijani manat to the US dollar set by Azerbaijani Central Bank consolidated by 0.0074 manats (0.5 percent). Accordingly, the average rate was set at 1.57424 manats to 1 US dollar.
During the week, the official exchange rate of manat to euro set by the CBA dropped by 0.0179 manats (1 percent). Accordingly, the average rate was set at 1.77024 manats to 1 euro.
This week, the price on one ounce of gold increased by 134,7387 manats (7.4 percent).
Accordingly, the average price for gold reached 1878,20124 manats.
The trading at Baku Interbank Currency Exchange (BBVB) has not been carried out since early 2015, so the exchange rate of manat is not formed.