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Oil prices and dynamics of monetary market of Azerbaijan (March 27-31)

Analysis Materials 3 April 2017 17:19 (UTC +04:00)

Oil market

Average price of AZERI LT CIF, extracted at Azerbaijan’s Azeri-Chirag-Gunashli block of fields, was $52.93 per barrel on March 27-31 or $0.94 per barrel more than the previous week.

The highest price of AZERI LT was $53.87 per barrel, while the lowest price was $51.66 per barrel during the reporting period.

Azerbaijan sells AZERI LT via the Turkish port of Ceyhan and Georgian ports of Batumi and Supsa. The oil is supplied to Ceyhan via the Baku-Tbilisi-Ceyhan pipeline and to Georgia via the Baku-Supsa pipeline, as well as by rail.

Average price of URALS (EX-NOVO), exported from Azerbaijan via the Novorossiysk port, was $48.25 per barrel on March 27-31 or $1.17 per barrel more than the previous week.

The highest price for URALS was $49.15 per barrel and the lowest price was $47 per barrel on March 27-31.

Azerbaijan sells the oil supplied via the Baku-Novorossiysk pipeline through Russia’s Novorossiysk port.

Average price of Brent Dated was $51.28 per barrel on March 27-31 or $1.18 per barrel more than the previous week.

The highest price for Brent was $52.24 per barrel and the lowest price was $50.05 during the reporting period.

Currency market

The official exchange rate of Azerbaijani manat against the US dollar set by Azerbaijan’s Central Bank (CBA) decreased by 0.0043 manats, or 0.25 percent last week.

Accordingly, the average rate was set at 1.72208 AZN/USD.

The official exchange rate for March 20-24 was not set due to holidays.

The official exchange rate of manat against euro set by the CBA increased by 0.0247 manats or 1.3241 percent last week.

Accordingly, the average AZN/EUR rate was set at 1.85822 manats.

Last week, the price of one ounce of gold increased by 7.6059 manats or 0.3545 percent.

Accordingly, the average price of one ounce of gold stood at 2156.7996 manats.

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