Baku, Azerbaijan, Feb. 9
By Fatih Karimov- Trend:
Iran's crude oil price has been recovered by about 10 percent, as the downward trend of global oil prices stopped last week.
Each barrel of Iran's Light oil was sold for $25.92 in the week to Jan. 29, $2.7 more compared to the preceding week, the official IRNA news agency reported Feb. 7.
The price of Iranian Heavy oil also increased by $2.64 per barrel and stood at $22.83 in the same period.
Iran last saw record low prices in 1998 when its oil was traded in markets at below $10 per barrel.
The price of OPEC basket of thirteen crudes stood at $26.9 during the week to Jan. 29, $3.24 more compared to the preceding week.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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 price stood at $29.9 a barrel on Feb. 4, compared with $28.63 the previous day, according to the OPEC Secretariat calculations.