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Iran's oil price falls to $74.65 per barrel

Business Materials 2 December 2014 15:52 (UTC +04:00)

Baku, Azerbaijan, Dec. 2

By Umid Niayesh - Trend:

Each barrel of Iran 's heavy oil sold for $73.89 in November averagely, $10.21 less compared to preceding month, National Iranian Oil Company said Dec. 2.

The price of light oil decreased by $10.18 per each barrel and stood at 75.86 in November. The country's weighted Average price per each barrel stood at $74.65, meanwhile the figure was $84.93 per barrel in October.

Iran is expected to face a budget deficit in the current Iranian fiscal year (to end March 20, 2015), due to the sharp fall in oil prices. Iran 's current year budget envisages the price of $100 per barrel of oil.

OPEC oil basket price dropped $4.36 to $66.44 per a barrel on Dec.1, compared to Nov.27 as of the OPEC members failed to cut oil output.

OPEC members held a meeting in ministerial level on Nov.27 to evaluate the global oil market and the falling of the oil price by more that 35 percent since June.

OPEC oil basket has decreased by $41.45 from mid-June to Dec.1. OPEC oil basket price was $107.89 in mid-June, but has been in dramatic decline, especially after October.

OPEC oil basket is currently made up of the Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

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