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Oil prices and dynamics of monetary market of Azerbaijan (July 17-21)

Analysis Materials 24 July 2017 15:20

Oil market

Average price of AZERI LT CIF, extracted at Azerbaijan’s Azeri-Chirag-Gunashli block of fields, was $49.75 per barrel on July 17-21 or $1.53 per barrel more than the previous week.

The highest price of AZERI LT was $50.28 per barrel, while the lowest price was $49.32 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 $49.17 per barrel on July 17-21 or $1.3 per barrel more than the previous week.

The highest price for URALS was $47.6 per barrel and the lowest price was $46.7 per barrel on July 17-21.

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

Average price of Brent Dated was $48.14 per barrel on July 17-21 or $0.89 per barrel more than the previous week.

The highest price for Brent was $48.68 per barrel and the lowest price was $47.49 during the reporting period.

Currency market

The official exchange rate of Azerbaijani manat against the US dollar set by Azerbaijan’s Central Bank (CBA) increased by 0.001 manats (almost 0.1 percent) last week.

Accordingly, the average rate was set at 1.7018 AZN/USD.

The official exchange rate of manat against euro set by the CBA decreased by 0.0274 manats or 1.4 percent last week.

Accordingly, the average AZN/EUR rate was set at 1.96274 manats.

The official exchange rate of manat to Russian ruble set by the CBA decreased by 0.0001 manats or by 0.35 percent last week.

Accordingly, the average AZN/RUB rate was set at 0.0288 manats.

The official exchange rate of manat to Turkish lira set by the CBA decreased by 0.0011 manats or 0.2 percent last week.

Accordingly, the average AZN/TRY rate was set at 0.48236 manats.

Last week, the price of one ounce of gold increased by 13.0597 manats or 0.6 percent.

Accordingly, the average price of one ounce of gold stood at 2105.46582 manats.

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