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Oil prices and dynamics of monetary market of Azerbaijan (May 9-13)

Analysis Materials 16 May 2016 15:27

Oil market

The average price for AZERI LT CIF, extracted on the block of Azerbaijani fields Azeri-Chirag-Guneshli, was $47.31 per barrel on May 9-13 or $1.03 per barrel more than the previous week.

The maximum price for AZERI LT was $49.1 per barrel and the minimum price was $44.69 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.

The average price for Urals (Ex-Novo) exported from Azerbaijan via the Novorossiysk port was $42.71 per barrel on May 9-13 or $0.84 per barrel more than the previous week.

The maximum price for Urals totaled $44.58 per barrel and the minimum - $40.05 per barrel on May 9-13.

Azerbaijan sells oil supplied via the Baku-Novorossiysk pipeline through this Russian port.

The average price for Brent Dated was $45.29 per barrel on May 9-13 or $1.48 per barrel more than the previous week.

The maximum price for Brent was $47.24 per barrel and the minimum - $42.42 during the reporting period.

Currency market

The official exchange rate of Azerbaijani manats to the US dollar set by Azerbaijani Central Bank (CBA) increased by 0.0001 manats (0.0066 percent). Accordingly, the average rate was set at 1.509075 manats to 1 US dollar.

As of May 9, the official exchange rate of Azerbaijani manats was not set due to a holiday.

During the week, the official exchange rate of manats to euro set by the CBA increased by 0.0005 manats (0.0291 percent). Accordingly, the average rate was set at 1.7185 manats to 1 euro.

Last week, the price of one ounce of gold increased by 21.0036 manats (1.0998 percent).
Accordingly, the average price for gold reached 1918,091075 manats.

The trading at Baku Interbank Currency Exchange (BBVB) has not been carried out since early 2015, so the exchange rate of manats is not formed.

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