Baku, Azerbaijan, Jan. 15
By Dalga Khatinoglu- Trend:
The average price of Iran's heavy oil reached $96.18/barrel in 2014 compared to $105.73 in 2013, according to OPEC's annual report for 2014 released on Jan.15.
The report says that Iran's heavy oil was sold at $58.99 in December, when the OPEC oil basket price was $59.64.
The OPEC oil basket price fell to $41.65/barrel on Jan.14.
Iran produced 2.765 million barrels per day of crude oil in December, 9,500 barrels more that November.
OPEC's 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).
OPEC's oil basket price was $107.89 in mid-June, but has been in dramatic decline, especially since October.
Despite the ceiling level of 30 million barrels per day (mbpd) by OPEC, 12 members of this cartel produced 30.204 mbpd in December, 142,400 barrels per day more than November.
Edited by CN
Dalga Khatinoglu is an expert on Iran's energy sector, head of Trend Agency's Iran news service