Oil market
The average price for AZERI LT CIF, extracted on the block of Azerbaijani fields Azeri-Chirag-Guneshli, was $48.24 per barrel on July 11-15 or $0.23 per barrel less than the previous week.
The maximum price for AZERI LT was $49.18 per barrel and the minimum price was $47.24 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 $43.75 per barrel on July 11-15 or $0.75 per barrel less than the previous week.
The maximum price for Urals totaled $44.4 per barrel and the minimum - $42.78 per barrel on July 11-15.
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 $45.65 per barrel on July 11-15 or $0.3 per barrel less than the previous week.
The maximum price for Brent was $46.55 per barrel and the minimum - $44.74 during the reporting period.
Currency market
The official exchange rate of Azerbaijani manat to the US dollar set by Azerbaijan’s Central Bank (CBA) decreased by 0.0094 manats (0.6 percent) last week. Accordingly, the average rate was set at 1.55422 manats to $1.
During the week, the official exchange rate of manat to euro set by the CBA decreased by 0.0227 manats (1.3 percent). Accordingly, the average rate was set at 1.7229 manats to 1 euro.
Last week, the price of one ounce of gold decreased by 35,0258 manats (1.67 percent). Accordingly, the average price for gold reached 2088,86824 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.