Oil market
Average price of AZERI LT CIF, extracted at Azerbaijan’s Azeri-Chirag-Gunashli block of fields, was $55.74 per barrel on Jan. 16-20 or $0.07 per barrel more than the previous week.
The highest price of AZERI LT was $56.29 per barrel, while the lowest price was $54.79 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.
Average price of URALS (EX-NOVO), exported from Azerbaijan via the Novorossiysk port, was $52.08 per barrel on Jan. 16-20 or $0.57 per barrel more than the previous week.
The highest price for URALS was $52.65 per barrel and the lowest price was $51.17 per barrel on Jan. 16-20.
Azerbaijan sells the oil supplied via the Baku-Novorossiysk pipeline through Russia’s Novorossiysk port.
Average price of Brent Dated was $54.27 per barrel on Jan. 16-20 or $0.14 per barrel more than the previous week.
The highest price for Brent was $54.77 per barrel and the lowest price was $53.31 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 0.0444 manats (2.485 percent) last week. Accordingly, the average rate was set at 1.8067 manats to $1.
The official exchange rate of manat to euro set by the CBA decreased by 0.0524 manats (2.7639 percent) last week. Accordingly, the average rate was set at 1.923625 manats to 1 euro.
Last week, the price of one ounce of gold increased by 97.5304 manats (4.5858 percent). Accordingly, the average price of one ounce of gold stood at 2179.075675 manats.
The exchange rate of Azerbaijani manat to foreign currencies was not set on Jan. 20 due to the day of national mourning.