Oil prices and dynamics of monetary market of Azerbaijan (May 15-19)

Oil market

Average price of AZERI LT CIF, extracted at Azerbaijan’s Azeri-Chirag-Gunashli block of fields, was $53.34 per barrel on May 15-19 or $2.63 per barrel more than the previous week.

The highest price of AZERI LT was $54.25 per barrel, while the lowest price was $52.89 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 $49.78 per barrel on May 15-19 or $3.1 per barrel more than the previous week.

The highest price for URALS was $50.9 per barrel and the lowest price was $49.03 per barrel on May 15-19.

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

Average price of Brent Dated was $51.75 per barrel on May 15-19 or $3.26 per barrel more than the previous week.

The highest price for Brent was $52.79 per barrel and the lowest price was $51.17 during the period.

Currency market

The official exchange rate of Azerbaijani manat against the US dollar set by Azerbaijan’s Central Bank (CBA) increased by 0.0002 manats, or 0.0117 percent last week.

Accordingly, the average rate was set at 1.70234 AZN/USD.

The official exchange rate of manat against euro set by the CBA decreased by 0.0307 manats or 1.6497 percent last week.

Accordingly, the average AZN/EUR rate was set at 1.88232 manats.

Last week, the price of one ounce of gold increased by 41.7155 manats or 1.9901 percent.

Accordingly, the average price of one ounce of gold stood at 2115.0033 manats.

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