Baku, Azerbaijan, Aug. 26
By Umid Niayesh - Trend:
Iranian oil minister Bijan Namdar Zanganeh says that the ongoing fall in crude oil price is temporary.
Commenting on the latest developments in crude oil markets, Zanganeh said that the Iraqi crisis would not affect the world oil prices in long-term, Iran's Mehr news agency reported on Aug. 26.
Currently the benchmark oil price has fallen 12 percent from the year's peak of $115.71 in June, coinciding with the new wave of disturbances in Iraq.
Brent crude oil futures drifted lower on Aug. 25, further below $103 a barrel, as a strong U.S. dollar and plentiful supplies continued to pressure prices.
The price of OPEC basket of twelve crudes stood at $99.09 a barrel on Aug. 25, compared with $99.19 the previous Friday, according to OPEC Secretariat calculations.
The monthly OPEC basket price stood at $100.94 for August, indicating $4.67 fall per barrel compared to the July average price.
The OPEC Reference Basket fell by $2.28 and stood at $105.61 per a barrel in July, compared to the previous month. Iran's heavy crude oil price decreased by $1.24 and amounted to $106.21 in July.