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Oil prices and dynamics of monetary market of Azerbaijan (Nov. 28-Dec. 2)

Analysis Materials 6 December 2016 11:43

Oil market

The average price for AZERI LT CIF, extracted on the block of Azerbaijani fields Azeri-Chirag-Guneshli, was $52.02 per barrel on Nov. 28-Dec. 2 or $2.33 per barrel more than the previous week.

The maximum price for AZERI LT was $55.11 per barrel and the minimum price was $48.3 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 $47.03 per barrel on Nov. 28-Dec. 2 or $2.42 per barrel more than the previous week.

The maximum price for Urals totaled $50.25 per barrel and the minimum - $43.29 per barrel on Nov. 28-Dec. 2.

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

The average price for Brent Dated was $49.48 per barrel on Nov. 28-Dec. 2 or $2.34 per barrel more than the previous week.

The maximum price for Brent was $52.52 per barrel and the minimum - $45.79 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 0.0143 manats (0.8316 percent) last week. Accordingly, the average rate was set at 1.72834 manats to $1.

The official exchange rate of manat to euro set by the CBA decreased by 0.0185 manats (1.0092 percent) last week. Accordingly, the average rate was set at 1.83804 manats to 1 euro.

Last week, the price of one ounce of gold decreased by 27,8372 manats (1.363 percent). Accordingly, the average price of one ounce of gold reached 2039.82034 manats.

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