Iran’s oil price increases in Asian market

Oil&Gas Materials 1 October 2011 13:36 (UTC +04:00)

Azerbaijan, Baku, Oct. 1/Trend A. Qurbanova/

Iran 's oil price increased to $110 in Asian market this current year (started on March 20, 2011), Mehr News Agency quoted Director of International Affairs at National Iranian Oil Company Mohsen Ghamsari as saying.

"Iran's oil price is still $110 per barrel," he said. "The increase in oil production by Saudi Arabia had no effect on Iran's crude oil price."

He stressed that Iran will increase the price on oil exported to Asian markets according to the necessities and conditions of the global market.

At present, Asian markets have high potential. All the oil exporters have increased the oil price in Asian market in October, he added.

China and India are major customers of Iran's crude oil. On average, the country exports 800,000 barrels of crude oil to India and China daily.

Iran has OPEC's second-highest oil output, and ranks second in the world in terms of natural gas reserves after Russia.