Baku, Azerbaijan, June 25
By Fatih Karimov – Trend:
Iran’s crude oil price witnessed a fall by over $1 per barrel in the global markets during the week that ended June 16, the National Iranian Oil Company's OPEC Affairs and International Energy Forums Office said in its latest weekly report.
Each barrel of Iran’s Heavy oil was sold at $44.76 during the week to June 16, or $1.19 less compared to the previous week.
The price of Iranian Light oil stood at $43.50, indicating a fall by $1.35 compared to the preceding week.
The average price of Iran’s Light oil in 2017 was $49.62, while the average price of Heavy oil was $50.47.
The price of OPEC basket of 14 crude brands stood at $45.21 during the week till June 16, indicating a decrease by $1.27 on a weekly basis.
The OPEC Reference Basket (ORB) is made up of the following oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), 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).
The basket’s price stood at $42.58 per barrel on June 22 as compared to $43.14 the previous day, according to OPEC calcul