Baku, Azerbaijan, Jan. 10
By Fatih Karimov - Trend: Iran's heavy crude oil price has decreased $4.50 per barrel from the beginning of 2015 till January 5.
The country sold heavy crude oil at $49.77 per barrel on January 5, Iran's Shana news agency reported on Jan. 10.
Meanwhile, Iran's light crude oil was sold at $52.32 per barrel, a $4.33 decline on Jan. 5.
On Jan. 7, the price of Brent crude oil fell below $50 a barrel for the first time since May 2009. Meanwhile, the West Texas Intermediate crude has already fallen below $50.
Oil prices have plunged about 50 percent since June last year over increased supplies by certain countries such as Saudi Arabia, the largest OPEC producer, and slowing global economic growth.
Observers say that oil price could see further declines in the coming weeks as OPEC seems unlikely to do anything about over-output.