Azerbaijan , Baku, June13/Trend/
Iran will reduce light oil prices by 72 cents and increase heavy oil prices by 85 cents on Asian market, Bloomberg reported quoting a National Iranian Oil Company official as saying.
"The National Iranian Oil Company will reduce light oil prices on Asian market in July and increase price of export oil," the official said.
Iran light oil prices reduced by 72 cents on Asian market, following Saudi Arabia's decision to cut light oil prices and increase heavy oil prices on Asian market.
Bloomberg reported Iran increased heavy oil prices by 5 cents in June while increased oil prices of Foroozan Oilfield by 10 cent, Sourosh and Norouz oilfield up by 85 cents.
Iran has OPEC's second-highest oil output and ranks second in the world in terms of natural gas reserves after Russia