Oil prices and dynamics of monetary market of Azerbaijan (Aug. 22-26)
The average price for AZERI LT CIF, extracted at Azerbaijan’s Azeri-Chirag-Gunashli block of fields, was $50.6 per barrel on Aug. 22-26, or $0.2 per barrel more than in the previous week.
The highest price for AZERI LT was $51.14 per barrel and the lowest price was $49.81 per barrel during the period.
Azerbaijan sells AZERI LT via the Turkish port of Ceyhan and Georgian ports of Batumi and Supsa. Oil is supplied to Ceyhan via the BTC pipeline and to Georgia via the Baku-Supsa pipeline and a railway.
The average price for URALS (EX-NOVO), exported from Azerbaijan via the Novorossiysk port, was $46.602 per barrel on Aug. 22-26 or $0.008 per barrel less than the previous week.
The highest price for URALS totaled $47.12 per barrel, the lowest price being $45.82 per barrel on Aug. 22-26.
The average price for Brent Dated was $48.914 per barrel on Aug. 22-26 or $0.174 per barrel more than the previous week.
The highest price for Brent Dated was $49.54 per barrel, the lowest price being $48.11 during the period.
The official exchange rate of Azerbaijani manat to the US dollar set by Azerbaijan’s Central Bank (CBA) decreased by 0.0076 manats (0.5 percent) last week. Accordingly, the average rate was set at 1.62356 manats to $1.
During the week, the official exchange rate of manat to euro set by the CBA decreased by 0.0093 manats (0.5 percent). Accordingly, the average rate was set at 1.83362 manats to 1 euro.
Last week, the price of one ounce of gold has decreased by 30.63 manats (1.4 percent). Accordingly, the average price for gold reached 2166,7344 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.